CI Financial quarterly profit rises

CI Financial Corp. , one of Canada's largest mutual fund companies, reports its second-quarter profit rose to $89-million from $52.9-million a year ago.

Assets under management increased to $63.5-billion from $53.7-billion, the Toronto wealth manager said Tuesday.

Per-share earnings for the quarter ended June 39 increased to 31 cents from 18 cents.

The company said its gross and net sales of funds for the quarter were $2.5-billion and $310-million, respectively.

CI also said it improved its operational efficiency in the quarter, leading to improved bottom line growth.

CI Financial markets, sells and administers mutual funds, segregated funds, asset allocation programs, structured products, and other alternative investments on which the company earns fees.

Those financial products are sold through brokers, independent financial planners, and insurance advisers, including those affiliated with the company's own Assante Wealth Management and Blackmont divisions.