TSX Symbol: CIX
TORONTO, Sept. 1 /CNW/ - CI Financial Corp. ("CI") today reported gross sales of $534 million and net sales of $65 million in August. CI posted its sixth consecutive month of asset growth, with assets under management at August 31, 2009, reaching $62.9 billion, an increase of $1.3 billion or 2.1% for the month. Total fee-earning assets were $91.1 billion, an increase of $1.8 billion or 2.0% for August.
CI subsidiaries CI Investments Inc. and United Financial Corporation had combined retail net sales of $76 million in long-term funds and $11 million in redemptions in money market funds for the month.
As of August 31, 2009, assets under management consisted of investment funds and structured products at CI Investments and United Financial of $58.9 billion, and institutional assets of $4.0 billion. CI also reported assets under administration of $27.4 billion, which consisted of $20.2 billion in assets under administration at Assante Wealth Management (Canada) Ltd. and $7.2 billion in assets under administration at Blackmont Capital Inc. Other fee-earning assets totalled $796 million.
Additional information about CI's sales, assets and financial position can be found below in the tables of preliminary statistics and on its website, www.ci.com/cix, in the Statistics section. The sales and assets reported in this release are the only statistics authorized by CI and CI takes no responsibility for reporting by any external sources.
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CI FINANCIAL CORP.
August 31, 2009
MONTH-END STATISTICS
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MONTHLY SALES DATA GROSS SALES REDEMPTIONS NET SALES
RETAIL MANAGED FUNDS (millions) (millions) (millions)
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Long-term funds $474 $398 $76
Short-term funds $60 $71 -$11
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TOTAL RETAIL FUNDS $534 $469 $65
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Jul 31/09 Aug 31/09 %
FEE-EARNING ASSETS (millions) (millions) Change
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Retail assets under management $57,646 $58,868 2.1%
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Institutional managed assets 3,909 3,999 2.3%
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TOTAL assets under management $61,555 $62,867 2.1%
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Assante assets under administration(x) 19,809 20,196 2.0%
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Blackmont assets under administration 7,210 7,243 0.5%
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TOTAL assets under administration $27,019 $27,439 1.6%
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CI other fee-earning assets 774 796 2.8%
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TOTAL FEE-EARNING ASSETS $89,348 $91,102 2.0%
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MONTHLY AVERAGE RETAIL Jul 31/09 Aug 31/09 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Monthly average retail assets $55,672 $58,343 4.8%
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QUARTERLY AVERAGE RETAIL Jun 30/09 Aug 31/09 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Quarterly average retail assets $53,727 $57,007 6.1%
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FISCAL AVERAGE RETAIL December 31/08 August 31/09 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Fiscal year average retail assets $60,208 $52,695 -12.5%
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FINANCIAL POSITION
EQUITY (millions)
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Total outstanding shares 292,412,743 Bank debt $822
QTD weighted avg. shares 292,405,164 Cash and marketable securities (36)
Yield at $20.25 3.0% -----------------------------------
In-the-money options 7,009,272 Net debt outstanding $786
Percentage of all options 99% -----------------------------------
All options % of shares 2.4% In-the-money option liability
(net of tax) $13
Terminal redemption value
of funds $799
Quarter-to-date equity-based
compensation(xx) $8
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(x) Includes CI and United Financial investment fund assets administered
by Assante advisors.
(xx) Estimate partially based on marked-to-market pre-tax option expense
accrual from change in share price and vesting from last quarter-end
($19.14) to August 31/2009 ($20.25)
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GEOGRAPHIC EXPOSURE OF AUM
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Canada 47% Asia 2%
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United States 23% Other 10%
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Europe 6% Cash 12%
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CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth management company. CI offers a broad range of investment products and services, including an industry-leading selection of investment funds. CI is on the Web at www.ci.com/cix.
This press release contains forward-looking statements with respect to CI and its products and services, including its business operations and strategy and financial performance and condition. Although management believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, including interest rates, business competition, changes in government regulations or in tax laws, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time.
