Seamark Asset Management Ltd. on Monday reported higher profit for the first quarter ended March 31. The firm also announced it will open an office in Toronto later this year.

Profit was $2.6 million or 25¢ a share for the quarter, up from profits of $2.4 million or 23¢ a year ago. Revenues rose to $6.2 million from $5.6 million.

Seamark’s assets under management stood at $8.8 billion at the end of March, down from $9.2 billion at the end of 2002.

The company said poor stock markets and currency translation impacts from the rising Canadian dollar led to $520 million in asset value losses in the quarter, offsetting $90 million in net new business.

“As is often the case before major turning points, it has been too easy for investors to focus on negative developments,” Seamark CEO Peter Marshall said in a news release.

“Timing, as always, is anyone’s guess. We are encouraged, however, that despite a difficult period for the investment management industry, Seamark’s services continue to be popular with both existing and new clients,” he added.

To expand services to institutional clients across Canada, Seamark said it plans to set up a sales and service office in Toronto before the end of the year.