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CI Financial reported total net revenues of $566.7 million in the second quarter, a decline of 10.6% from the previous quarter, primarily driven from lower revenues from the asset management segment due to challenging global markets, the firm announced on Thursday.

On a year-over-year basis, revenue was up 8% from $524.7 million in Q2 2021.

Adjusted total net revenues, excluding non-operating items, was $598.3 million, a decline of 3.9% from the previous quarter.

Total assets were $333.7 billion, down 7.6% for the quarter but up 12.2% year over year.

Asset management assets fell by 14.8% to $116.1 billion in the quarter. Canada wealth management assets were down by 6.1% to $74.1 billion and U.S. wealth management assets declined by 1.5% to $143.6 billion compared to the previous quarter.

Net income was $156.2 million in the quarter, up from $138.1 million in the first quarter and $117.6 million a year ago. However, excluding non-operating items, adjusted net income fell to $149.1 million in the quarter from $166.8 million in the first quarter and $153 million a year ago.

Second quarter total expenses declined 22.4% to $347.7 million from $448.0 million in the first quarter. Excluding non-operating items, adjusted total expenses were essentially unchanged from the previous quarter at $386.0 million.

CI’s board of directors declared a quarterly dividend of $0.18 per share, payable on Jan. 13, 2023 to shareholders of record on Dec. 30, 2022.

CI’s second quarter highlights included its announcement to sell up to 20% of its U.S. wealth management business via a U.S. initial public offering and the completion of the acquisitions of two U.S. registered investment advisors, as well as Toronto-based Northwood Family Office. Ltd.