TSX Symbol: CIX.UN
TORONTO, Aug. 1 /CNW/ - CI Financial Income Fund ("CI") today reported
net sales of $196 million in July 2008, and assets under management of
$66.2 billion and total fee-earning assets of $99.3 billion as of July 31,
2008.
CI subsidiaries CI Investments Inc. and United Financial Corporation had
combined gross retail sales of $858 million, with net sales of $134 million in
long-term funds and $62 million in money market funds. For the year-to-date,
CI had gross sales of $7.4 billion and net sales of $1.5 billion.
"CI is posting excellent sales for the traditionally slow summer season,"
said Stephen A. MacPhail, CI President. "In particular, the popularity of our
segregated funds continues to grow, with the SunWise Elite and SunWise Elite
Plus funds recording their best-ever monthly net sales."
SunWise Elite Plus offers the Guaranteed Minimum Withdrawal Benefit,
which includes a lifetime withdrawal option that was launched in March 2008.
CI's assets under management at July 31, 2008 consisted of investment
funds at CI Investments and United Financial of $63.0 billion, institutional
assets at KBSH Capital Management Inc. of $2.6 billion and structured product
assets of $533 million. CI also reported assets under administration of
$31.8 billion, which consisted of $22.6 billion in assets under administration
at Assante Wealth Management (Canada) Ltd. and $9.1 billion in assets under
administration at Blackmont Capital Inc.
Additional information about CI's sales, assets and financial position
can be found below in the tables of preliminary statistics and on its website
in the Statistics section.-------------------------------------------------------------------------
CI FINANCIAL INCOME FUND
July 31, 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 $721 $587 $134
Total short-term $137 $75 $62
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TOTAL RETAIL FUNDS $858 $662 $196
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FEE-EARNING ASSETS June 30/08 July 31/08 %
(millions) (millions) Change
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Retail managed funds $64,551 $63,027 -2.4%
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Structured products 552 533 -3.4%
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TOTAL retail assets
under management $65,103 $63,560 -2.4%
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Institutional managed
assets 2,740 2,598 -5.2%
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TOTAL assets under
management $67,843 $66,158 -2.5%
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Assante assets under
administration(*) 23,092 22,630 -2.0%
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Blackmont assets
under administration 9,846 9,123 -7.3%
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TOTAL assets under
administration $32,938 $31,753 -3.6%
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CI other fee-earning
assets 1,449 1,421 -1.9%
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TOTAL FEE-EARNING
ASSETS $102,230 $99,332 -2.8%
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AVERAGE RETAIL ASSETS June 30/08 July 31/08 %
UNDER MANAGEMENT (millions) (millions) Change
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Monthly $66,235 $62,480 -5.7%
Quarter-to-date $65,839 $62,480 -5.1%
Fiscal year-to-date $63,829 $63,632 -0.3%
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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 $63,632 -2.0%
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EQUITY FINANCIAL POSITION
(millions unless otherwise indicated)
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LP units 146,446,746 Bank debt $1,092
Trust units 134,081,658 Cash & marketable securities (162)
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Total outstanding
units 280,528,404 Net debt outstanding $930
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Quarter-to-date Net debt to annualized
weighted average EBITDA (most recent quarter) 1.38:1
units outstanding 278,387,664 ---------------------------------------
Yield at $21.75 9.4% In-the-money option liability
(net of tax) $7
In-the-money options 2,317,225 Terminal redemption value of
funds $795
Percentage of all Quarter-to-date equity-based
options 91% compensation(xx) $0
All options % of
units 0.9%
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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 July 31, 2008 ($21.75).
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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
