CI Financial reports 8.9% growth in assets under management in 2012

TSX Symbol: CIX

TORONTO, Jan. 3, 2013 /CNW/ - CI Financial Corp. ("CI") today reported assets under management as of December 31, 2012 of $75.7 billion, a month-end record high for CI. Total assets were $98.7 billion.

Assets under management rose by 1.4% in the month of December, for the seventh consecutive month of growth. On a year-over-year basis, assets under management rose by $6.2 billion or 8.9%. In comparison, the S&P/TSX Composite Total Return Index gained 1.9% in December and 7.2% over the 12-month period.

Assets under management at December 31, 2012 of $75.7 billion represented an increase of $3.3 billion or 4.5% over the average assets under management for the third quarter of 2012 and an increase of $3.5 billion or 4.9% over the average for fiscal 2011. Average assets under management for the fourth quarter were $74.3 billion, up 2.6% from the average for the third quarter of 2012.

CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $23.0 billion at December 31, 2012, an increase of 1.2% for the month and 6.7% year over year.

"It was a terrific year for CI," said Stephen A. MacPhail, CI President and Chief Executive Officer. "Our assets under management rose substantially more than the S&P/TSX Composite Total Return Index and reached a new month-end record for our company at year-end. And as of yesterday's close, our assets under management were 2.9% higher than the average for the fourth quarter of 2012, a positive start to fiscal 2013 by any measure.

"CI also achieved a significant increase in net sales from 2011, with net sales tripling on a year-over-year basis. The positive sales trend of the third quarter also continued, as CI experienced positive net sales in the fourth quarter in both its retail and institutional divisions - a reflection of the excellent overall performance of CI's portfolio managers."

Additional information about CI's assets and financial position can be found below in the tables of preliminary statistics and on its website, www.cifinancial.com, in the Statistics section. These are the only statistics authorized by CI and CI takes no responsibility for reporting by any external sources.

CI FINANCIAL CORP.
December 31, 2012
PRELIMINARY MONTH-END STATISTICS

ENDING ASSETS
Dec. 31/12
(millions)
Nov. 30/12
(millions)
%
Change
Dec. 31/11
(millions)
%
Change
Assets under management $75,723 $74,641 1.4% $69,558 8.9%

Assets under administration*
22,996 22,724 1.2% 21,544 6.7%
TOTAL $98,719 $97,365 1.4% $91,102 8.4%
 
MONTHLY AVERAGE
ASSETS UNDER MANAGEMENT
Dec. 31/12
(millions)
Nov. 30/12
(millions)
%
Change
Monthly average $75,131 $73,798 1.8%
       
FISCAL QUARTER AVERAGE
ASSETS UNDER MANAGEMENT
Ending Dec. 31/12
(millions)
Ending Sep. 30/12
(millions)
%
Change
Fiscal quarter average $74,323 $72,437 2.6%
       
FISCAL YEAR AVERAGE
ASSETS UNDER MANAGEMENT
Fiscal 2012
(millions)
Fiscal 2011
(millions)
%
Change
Fiscal year average $72,606 $72,186 0.6%
       
EQUITY FINANCIAL POSITION
(millions)
Total outstanding shares
QTD weighted avg. shares
Current yield
Potential share dilution from options
All options % of shares
  282,914,642  
282,987,978  
3.9% 
1,143,137  
2.2%  
Debt outstanding
Net debt outstanding

Terminal redemption value of funds


$596
$529

$781


 * Includes CI and United Financial funds administered by Assante advisors.

ESTIMATED GEOGRAPHIC EXPOSURE OF AUM
Canada 49% Asia 4%
United States 28% Other 5%
Europe 10% Cash 4%



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, and is on the Web at www.cifinancial.com.

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.

 

 

SOURCE: CI Investments Inc.

For further information:

Stephen A. MacPhail
President and Chief Executive Officer
CI Financial
(416) 364-1145