UPDATE 1-CI Financial Q1 profit up on higher assets under mgmt

Tue May 11, 2010 12:45pm EDT

* Q1 adj EPS C$0.27 vs est C$0.27

* Revenue nearly quadruples to C$690.0 mln

* Avg retail assets under management up 29 pct

* Increases monthly dividend by 8.3 pct

May 11 (Reuters) - Fund manager CI Financial Corp (CIX.TO) posted a 23 percent surge in quarterly earnings that were in line with expectations, buoyed by higher assets under management, and raised its monthly dividend.

For the first quarter, net income was C$74.9 million ($73.22 million), or 26 Canadian cents per share, compared with C$61.1 million, or 21 Canadian cents per share, a year ago.

Adjusted earnings per share was 27 Canadian cents apiece.

Net sales for the quarter nearly quadrupled to C$690.0 million.

Analysts on average were expecting the company to earn 27 Canadian cents per share on revenue of C$340.3 million, according to Thomson Reuters I/B/E/S.

Average retail assets under management for the quarter rose 29 percent to C$62.85 billion.

The Toronto-based company raised its monthly dividend by half a Canadian cent to 6.5 Canadian cents per share.

Shares of the company were virtually flat at C$19.76 Tuesday afternoon on the Toronto Stock Exchange. ($1=1.023 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Jarshad Kakkrakandy)

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