TSX Symbol: CIX.UN
TORONTO, Oct. 2 /CNW/ - CI Financial Income Fund ("CI") today reported
net sales of $152 million in September 2008, and assets under management of
$62.9 billion and total fee-earning assets of $92.3 billion as of September
30, 2008.
CI subsidiaries CI Investments Inc. and United Financial Corporation had
combined gross retail sales of $1.1 billion, with net sales of $126 million in
long-term funds and $26 million in money market funds. For the year-to-date,
CI had gross sales of $9.2 billion and net sales of $1.8 billion.
Total assets under management at September 30, 2008 consisted of
investment funds at CI Investments and United Financial of $58.5 billion,
institutional assets of $3.9 billion and structured product assets of
$492 million.
CI also reported assets under administration of $28.1 billion, which
consisted of $20.3 billion in assets under administration at Assante Wealth
Management (Canada) Ltd. and $7.8 billion in assets under administration at
Blackmont Capital Inc. Other fee-earning assets totalled $1.2 billion.
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.-------------------------------------------------------------------------
CI FINANCIAL INCOME FUND
September 30, 2008
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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Total long-term $1,010 $884 $126
Total short-term $124 $98 $26
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TOTAL RETAIL FUNDS $1,134 $982 $152
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FEE-EARNING ASSETS August 31/08 September 30/08 %
(millions) (millions) Change
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Retail managed funds $64,365 $58,549 -9.0%
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Structured products 534 492 -7.9%
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TOTAL retail assets under
management $64,899 $59,041 -9.0%
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Institutional managed assets 4,494 3,891 -13.4%
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TOTAL assets under management $69,393 $62,932 -9.3%
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Assante assets under
administration(*) 22,914 20,279 -11.5%
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Blackmont assets under
administration 8,835 7,832 -11.4%
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TOTAL assets under
administration $31,749 $28,111 -11.5%
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CI other fee-earning assets 1,416 1,219 -13.9%
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TOTAL FEE-EARNING ASSETS $102,558 $92,262 -10.0%
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AVERAGE RETAIL ASSETS August 31/08 September 30/08 %
UNDER MANAGEMENT (millions) (millions) Change
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Monthly $63,900 $61,385 -3.9%
Quarter-to-date $63,540 $62,837 -1.1%
Fiscal year-to-date $63,755 $63,496 -0.4%
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FISCAL AVERAGE RETAIL Fiscal 2007 Fiscal 2008 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Fiscal year average retail
assets $64,958 $63,496 -2.3%
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EQUITY FINANCIAL POSITION
(millions unless otherwise indicated)
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LP units 146,392,239 Bank debt $1,108
Trust units 133,570,065 Cash & marketable securities (122)
Total outstanding ----------------------------------------
units 279,962,304 Net debt outstanding $986
Quarter-to-date ----------------------------------------
weighted average Net debt to annualized EBITDA
units outstanding 278,173,977 (most recent quarter) 1.41:1
Yield at $18.00 11.3% ----------------------------------------
In-the-money options 1,084,220 In-the-money option liability
Percentage of all options 43% (net of tax) $1
All options % of units 0.9% Terminal redemption value
of funds $801
Quarter-to-date equity-based
compensation(xx) ($8)
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(*) 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 unit price and vesting from last quarter-end
($22.00) to September 30, 2008 ($18.00).
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GEOGRAPHIC EXPOSURE OF AUM
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Canada 45% Asia 4%
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United States 22% Other 3%
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Europe 11% Cash 15%
-------------------------------------------------------------------------CI Financial Income Fund (TSX: CIX.UN) 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.ci.com/cix.
EBITDA (earnings before interest, taxes, depreciation and amortization)
is a non-GAAP (generally accepted accounting principles) earnings measure;
however, CI management believes that most unitholders, creditors, other
stakeholders and investment analysts prefer to include the use of this
performance measure in analyzing CI's results. EBITDA is a measure of
operating performance, a facilitator for valuation and a proxy for cash flow.
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.
For further information: Stephen A. MacPhail, President, (416) 364-1145
