By Robb M. Stewart

CI Financial's loss narrowed sharply in the latest quarter as Canadian asset and wealth manager works toward finalizing a deal to be taken private by the asset-management arm of Abu Dhabi's sovereign wealth fund.

The Toronto-based company's first-quarter loss attributable to shareholders narrowed to 8.5 million Canadian dollars ($6.1 million), or C$0.06 a share, from C$154.4 million, or C$1, a year earlier. On an adjusted basis, earnings came in at C$0.96 a share, ahead of the C$0.94 mean estimate of three analysts polled by FactSet.

CI, which ended the quarter with C$546.1 billion in assets under management, saw its revenue rise 22% to C$787.7 million. Excluding non-operating items, adjusted revenue slipped to C$792.4 million from C$799.5 million last year.

The company said its U.S. wealth management revenue increased in the quarter thanks to acquisitions, though that was partially offset by lower asset management fees.

Last November, CI agreed a deal worth about $4.7 billion to be acquired by Mubadala Capital. Under the planned takeover, CI Financial will retain its existing leadership, headquarters in Canada and existing operations in the country and will gain long-term capital to support its growth plans and its expansion in the U.S., where it operates as Corient.

The deal was approved by CI shareholders and the Ontario Superior Court of Justice in February and CI said regulatory approval requests have been submitted and are proceeding. The transaction is scheduled to close in the third quarter.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

May 14, 2025 07:52 ET (11:52 GMT)

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