Posted AT 1:31 PM EST on 10/11/09
Bad news: CI Financial's profit plunges
It's a good news/bad news day for CI Financial Corp. The wealth management firm reported Tuesday that third-quarter profit sank 86 per cent to $17.4-million, or 6 cents a share, from $118.1-million, or 42 cents a share, in the year-earlier period. It blamed the drop to declining assets amid the market volatility, and lower revenue from managment fees.
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