Financial advisor W.P. Stewart & Co. Ltd.'s net income for the third quarter dropped 28.9 percent to $14 million from $19.7 million.

Bermuda-based W.P. Stewart recorded earnings of 31 cents per shares for the three months to September 30 compared to net income in the same period in 2001 of 42 cents per share. Net income before tax and other depreciation was $15.9 million or 35 cents per share compared with $21.4 million, or $46 cents per share (diluted) in the same quarter of the prior year. Assets under management at quarter-end were $7.3 billion.