Source: The Canadian Press

CI Financial Corp. (TSX:CIX) is raising its dividend on the heels of a 14% increase in its third-quarter profit.

The mutual fund and wealth management company says it earned $75.5 million or 26 cents per share of net income in the quarter ended Sept. 30.

That compares to a weaker $66.4 million profit, or 23 cents per share, in the comparable period last year.

CI Financial says its monthly dividend will rise to seven cents per common share, up 7.7% from the previous rate, beginning with the December payout.

In the quarter, retail assets under management increased by eight% to $65.6 billion from $60.6 billion.

Average retail assets held steady with the prior quarter, but have shown a 5% improvement since the end of the third quarter, said president and chief executive Stephen MacPhail.

“The significant increase in assets under management, combined with CI’s focus on cost management, has boosted CI’s profitability and positioned us to increase the dividend for the second time this year,” he said in a release.

CI shares were at $21.99, up 21 cents, at midafternoon on the Toronto Stock Exchange.