Assante Corp. reported Thursday that it achieved improved earnings for the fourth quarter ended Dec. 31, 2002.

Profit for the quarter was $6.3 million or 7¢ per share, an increase of $6 million from the last quarter of 2001, when net earnings were $300,000. The company says the increase reflects the new accounting standard relating to goodwill, as recommended by the Canadian Institute of Chartered Accountants, as well as strong Canadian net sales.

Revenue was $97.9 million, up 3.2% from the same quarter in 2001.

“We are pleased that we were able to hold our own and increase earnings during such a challenging period,” said Martin Weinberg, president and CEO of Assante Corp.

Canadian assets under management grew by $564 million or 10.1% during the fourth quarter on the strength of $356 million in net sales and market growth of $208 million net of management fees. AUM in the U.S. increased by $140 million or 10.4% during the fourth quarter on the strength of $87 million in net new sales of portfolio management services and market gains of $53 million. Meanwhile, overall assets under administration rose from $19.5 billion at the end of the third quarter to $20.3 billion.

For the year, net earnings for totalled $23 million or 27¢ per share in 2002, up from the net loss of $8 million or 11¢ per share in 2001.

AUM in Canada increased 25.4% to nearly $6.2 billion during 2002 mainly on the strength of net sales of $1.5 billion during the year as compared to net sales of $748 million in 2001. In the U.S., AUM increased to $1.5 billion, up $400 million or 38% from 2001. Total AUA at year-end decreased 10.2% to $20.3 billion, mostly due to market conditions.

Revenue for the year moved up 4.7% to $386.4 million. This increase is largely attributable to broadened Canadian investment management revenues.