CI Financial’s first quarter net income declined by 12% compared to the same period last year, the firm said Thursday in its earnings report.
Net income of $140 million for the quarter ended March 31, 2019 was down from $159.1 million in Q1 2018, and from $140.4 million in the final quarter of last year.
CI’s assets under management were down 6% year over year to $131.3 million but up 6% from the previous quarter. Revenue from management fees was down 11% year over year and 3% from Q4 2018, while total revenues were down 8% year over year and basically flat compared to the previous quarter.
Free cash flow for the quarter was $143.5 million, compared to $166.9 million in the same quarter last year and $156.5 in the fourth quarter of 2018.
“We have maintained consistent results in the face of extraordinary market volatility over the past seven months,” CEO Peter Anderson said in a statement.
“We continue to manage the business with financial prudence, achieving a year-over-year reduction in quarterly expenses, while making investments into the business that will help to position the firm for future success in a rapidly changing environment.”
Anderson pointed to CI’s acquisition of WealthBar Financial Services, which closed in January, and the launch of the CI Mosaic ETF Portfolios the same month.
Anderson announced in April that he would retire next year.