Source: The Canadian Press

Jovian Capital Corporation (TSX:JOV), a Toronto-based wealth management company, reports its net loss narrowed to $2.9 million from nearly $3.9 million last year as the company generated higher revenues.

Jovian said Wednesday it lost 34 cents a share for the three months ended June 30, the first quarter of the company’s 2011 fiscal year. That compared with a year-ago loss of 46 cents a share.

Revenue rose to $27.1 million from $25.4 million. Client assets under management rose by $1 billion to $11.9 billion.

“Financial markets remained turbulent during the first quarter of fiscal 2011 as investors reacted to the ongoing European debt issues,” CEO Philip Armstrong said in a release. “Despite the uncertain markets, our client assets grew slightly to $11.9 billion during the quarter.”