Wealth management company CI Financial Corp. (TSX:CIX) turned out stronger net income in the fourth quarter as it faced weaker revenues.

The firm said Thursday that net income for the three month period was $87.8 million or 31 cents per share, up from $87.4 million or 30 cents per share in the same quarter in 2010.

“We had exceptional results for the year and fourth quarter, in what was a challenging environment,” said chief executive Stephen MacPhail.

But revenues slipped to $356.7 million from $368.6 million in the same period in 2010.

Net income for fiscal 2011 was $376.9 million versus $328.6 in 2010, an increase of 15 per cent.

Assets under management were 72.1 billion as of Dec. 31, compared with 65.7 billion as of Dec. 31, 2010.

Toronto-based CI is one of Canada’s largest independent investment fund companies. It manages, markets, distributes and administers mutual funds, segregated funds, structured products and other fee-earning investment products for Canadian investors.