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CI Financial reports Q2 profit of $104M, up from year ago, revenue up

The Canadian Press

TORONTO - CI Financial Corp. (TSX:CIX) said Thursday it earned $104 million in its latest quarter, up from a year ago, as its average assets under management reached a record high.

The investment management firm said the profit amounted to 37 cents per share for the quarter ended June 30 compared with a profit of $71.3 million or 25 cents per share a year ago.

Revenue totalled $397.2 million, up from $358.8 million.

Average assets under management hit $81.69 billion, up from $71.39 billion a year ago.

Gross sales of funds totalled $3.4 billion during the quarter, up from $2.01 billion a year ago, while net sales increased to $978 million compared with net redemptions of $270 million in the same quarter last year.

"The quarter was excellent on many counts," CI president and chief executive Stephen MacPhail said in a statement.

"Strong positive returns for our fund investors, expanded support from a broad base of advisers and continued investment in training, new products and money management expertise resulted in CI achieving record high asset levels and the best net inflows in over a decade."

CI is an independent investment management company.