TSX Symbol: CIX
TORONTO, July 2 /CNW/ - CI Financial Corp. ("CI") today reported gross
sales of $1.06 billion and net sales of $472 million in June. Assets under
management increased by $1.4 billion or 2.3% over the month to $60.1 billion
at June 30, 2009. Total fee-earning assets were $87.3 billion, an increase of
$1.5 billion or 1.7%. This marked the fourth consecutive month of asset growth
for CI.
CI subsidiaries CI Investments Inc. and United Financial Corporation had
combined retail net sales of $500 million in long-term funds and net
redemptions of $28 million in money market funds in June.
"CI has established a broad and diverse product lineup with strong
relative performance that has resulted in consistent sales. That trend has
continued in 2009, with gross sales of $4.5 billion for the year-to-date,"
said Stephen A. MacPhail, CI President.
Several institutional relationships at CI Investments made significant
contributions to the June sales, including a new relationship that was
established during the month.
As of June 30, 2009, assets under management consisted of investment
funds at CI Investments and United Financial of $55.6 billion, institutional
assets of $4.1 billion and structured product assets of $463 million. CI also
reported assets under administration of $26.3 billion, which consisted of
$19.2 billion in assets under administration at Assante Wealth Management
(Canada) Ltd. and $7.1 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.-------------------------------------------------------------------------
CI FINANCIAL CORP.
June 30, 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 $979 $479 $500
Short-term funds $77 $105 -$28
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TOTAL RETAIL FUNDS $1,056 $584 $472
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FEE-EARNING ASSETS May 31/09 June 30/09 %
(millions) (millions) Change
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Retail managed funds $54,427 $55,550 2.1%
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Structured products 459 463 0.9%
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TOTAL retail assets
under management $54,866 $56,013 2.1%
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Institutional managed
assets 3,863 4,110 6.4%
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TOTAL assets under
management $58,749 $60,123 2.3%
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Assante assets under
administration(*) 19,143 19,216 0.4%
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Blackmont assets under
administration 7,103 7,133 0.4%
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TOTAL assets under
administration $26,246 $26,349 0.4%
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CI other fee-earning assets 786 796 1.3%
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TOTAL FEE-EARNING ASSETS $85,781 $87,268 1.7%
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MONTHLY AVERAGE RETAIL May 31/09 June 30/09 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Monthly average retail assets $54,040 $55,640 3.0%
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QUARTERLY AVERAGE RETAIL March 31/09 June 30/09 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Quarterly average retail
assets $48,681 $53,727 10.4%
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FISCAL AVERAGE RETAIL December 31/08 June 30/09 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Fiscal year average
retail assets $60,208 $51,218 -14.9%
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EQUITY FINANCIAL POSITION
(millions)
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Total outstanding shares 292,410,170 Bank debt $872
QTD weighted avg. shares 292,462,246 Cash and marketable (53)
securities
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Yield at $19.14 3.1% Net debt outstanding $819
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In-the-money options 6,986,727 In-the-money option $8
liability (net of tax)
Percentage of all options 99% Terminal redemption $796
value of funds
All options % of shares 2.4% Quarter-to-date equity-based
compensation(xx) $11
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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 share price and vesting from last quarter-end
($13.99) to June 30, 2009 ($19.14)
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GEOGRAPHIC EXPOSURE OF AUM
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Canada 50% Asia 3%
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United States 22% Other 4%
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Europe 10% Cash 11%
----------------------------------------------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.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.
For further information: Stephen A. MacPhail, President, CI Financial
Corp., (416) 364-1145
