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CI Financial Corp. says it earned a fourth-quarter profit of $140.4 million as its revenue fell compared with the same period a year earlier.

The investment manager says the profit amounted to 57 cents per diluted share for the quarter ended Dec. 31, compared with a profit of $139.5 million or 51 cents per diluted share a year earlier.

Revenue totalled $529.2 million, down from $594.4 million.

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On an adjusted basis, CI says it earned 57 cents per share for the quarter, down from an adjusted profit of 63 cents per share a year earlier.

Analysts on average had expected a profit of 57 cents per share, according to Thomson Reuters Eikon.

Average assets under management amounted to $129.3 billion for the last three months of 2018, down from $142.5 billion in the quarter ended Dec. 31, 2017.

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