YMG Capital Management Inc. on Tuesday reported weaker profit for the first quarter ended March 31.

The investment management firm said net income was $269,000, compared to net income of $298,000 for the first quarter of 2002.

Earnings before interest, amortization, income taxes and investment income of $648,000 for the quarter, compared with $640,000 for the same period of 2002.

Assets under management at March 31 declined to $12.4 billion, down $0.6 billion from Dec. 31, 2002.

Fee revenue for the quarter was $3,153,000, down 16.5% from a year ago, due to weaker global equity markets. In addition, the quarterly revenue decline was aggravated by company’s previously announced change with respect to its relationship with First Quadrant and Investors Group. YMG said this change will have an effect on quarterly comparisons over the next two quarters.

YMG also declared a quarterly dividend of five cents 5¢ per common share.