CI Financial Corp.’s second quarter net income declined by 30% compared to the same period last year, the firm’s latest earnings report shows.
The firm’s net income of $111.5 million for the quarter ended June 30, 2019 was down from $160 million in Q2 2018, and from $140 million from Q1 2019.
CI’s assets under management declined by 6% compared to the same period last year, and by 1% compared to the previous quarter. Revenue from management fees was up 2% from last quarter, but down 7% from Q2 2018.
Free cash flow was up 2% from the last quarter, but down 10% year-over-year. Basic earnings per share saw a significant dip of 19% since last quarter, and a 23% decline since Q2 2018.
CI said its assets under advisement—which include the assets of Assante Wealth Management (Canada) Limited, Stonegate Private Counsel and WealthBar Financial Services Inc.—were up 2% from last quarter and 7% year-over-year.
In a press release issued Thursday, Peter Anderson, CEO of CI, highlighted the firm’s products.
“During the second quarter, we delivered on several initiatives as part of our plan to modernize our product lineup and improve the client experience for advisors and investors,” Anderson said. “These included the launch of a new high interest savings ETF and fund, as well as an important simplification of the CI Preferred Pricing program. Additionally, we are encouraged by signs of improvement in sales at CI.”