Bermuda company W.P. Stewart and Co., Ltd. yesterday reported net income of $11.6 million for the fourth quarter of 2006 ? up $8.8 million on the last three months of 2005.

Assets under management at the end of last year were approximately $8.1 billion, compared to approximately $8.3 billion at the end of the prior quarter and approximately $9.5 billion at the end of 2005.

Profit for the year 2006 was down 6.4 percent to $37.5 million, or $0.82 per share, compared with 40.1 million, or $0.87 per share, in 2005.

W.P. Stewart concentrates its investments in large, generally less cyclical, growing businesses. Throughout most of the company's history, the growth in earning power behind clients' portfolios has ranged from approximately 11 percent to 22 percent annually.

Currently the company's research analysts expect portfolio earnings growth to be within the historical range over the next few years.

Revenues were $39.7 million for the quarter, down 12.6 percent from $45.5 million for the same quarter of 2005. Revenues for the full year 2006 was $142.1 million, compared with $147.9 million the year previous.

The company paid a dividend of $0.23 per common share on January 31, 2007.