CI Financial Income Fund today reported a big jump in profit for the quarter ended March 31.

Net income for the quarter ended March 31, 2007 was $142.1 million, up 94% from $73.1 million for the three months ended Feb. 28, 2006. On a per unit basis, earnings increased 96% to 51¢ per unit from 26¢ per share in the prior year.

CI changed its year-end to December 31 from May 31 when it converted to an income trust in June 2006. The comparative period is the three-month period ended Feb. 28, 2006.

Fee-earning assets at March 31, 2007, set a new record high for CI at $84.4 billion, up 15% from $73.7 billion a year earlier. Fee-earning assets were comprised of $53.6 billion in CI mutual and segregated funds, $10.1 billion in United funds, $929 million in structured products, $1.9 billion in administered/other assets such as labour-sponsored funds, and $17.9 billion in Assante Wealth Management assets under administration (net of United funds described above). The increase in fee-earning assets is attributable to growth in the market value of CI’s funds and positive net sales.

As at May 9, 2007, CI’s assets under management totalled $70.3 billion, up 10% from the average level of assets for the three months ended March 31, 2007, and CI’s highest assets ever. These assets included approximately $3.7 billion in assets at KBSH Capital Management Inc. and Lakeview Asset Management Inc., which CI acquired following the April 4 completion of its offer to acquire Rockwater Capital Corporation. CI also added $9.8 billion in administered assets at Blackmont Capital Inc. Total fee-earning assets hit $100 billion.

Net sales for the quarter totalled $914 million, ranking CI third among the non-bank asset management companies and sixth overall – positioning CI well for another robust year of fund sales.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended March 31, 2007 was $175.6 million, up 26% from $138.9 million in the three months ended February 28, 2006. EBITDA per unit increased 29% to $0.63 during the three-month period this year from $0.49 in EBITDA per share in the comparable quarter last year.