SEAMARK Asset Management Ltd. is reporting improved earnings for the first quarter ended March 31.

The Halifax-based company said first quarter earnings wer 29¢ per share, up from 25¢ in the first quarter of 2003.

Assets under management as of March 31, were $10.9 billion, up from $10.5 billion at the beginning of the quarter and $8.8 billion one year ago.

Net new assets during the quarter were $230 million as all client segments, and in particular mutual funds, contributed positive results.

The company said the remainder of the increase resulted from market value appreciation, as both equity and bond markets provided positive returns and the Canadian dollar stabilized.

SEAMARK entered into one new wrap relationship during the quarter.

The company is holdings its annual meeting of shareholders today to review 2003’s financials and provide a review of the financial results for the first quarter at 14:00 AT.