TSX Symbol: CIX
TORONTO, March 2 /CNW/ - CI Financial Corp. ("CI") today reported gross
sales of $792 million and net sales of $217 million in February.
CI subsidiaries CI Investments Inc. and United Financial Corporation had
combined retail net sales of $187 million in long-term funds and $36 million
in money market funds. There were $6 million in net redemptions related to
deposit notes, which use asset allocation strategies in which money is moved
out of mutual funds when markets are declining. These transactions reflect a
rebalancing of the deposit notes and not a redemption by clients from the
product.
As of February 28, 2009, CI had assets under management of $50.4 billion
and total fee-earning assets of $74.5 billion. Assets under management
consisted of investment funds at CI Investments and United Financial of $46.6
billion, institutional assets of $3.5 billion and structured product assets of
$372 million. CI also reported assets under administration of $23.1 billion,
which consisted of $17.1 billion in assets under administration at Assante
Wealth Management (Canada) Ltd. and $6.0 billion in assets under
administration at Blackmont Capital Inc. Other fee-earning assets totalled
$953 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.
February 28, 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 $648 $461 $187
Short-term funds $144 $108 $36
Sales related to deposit
notes $0 $6 -$6
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TOTAL RETAIL FUNDS $792 $575 $217
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FEE-EARNING ASSETS January 31/09 February 28/09 %
(millions) (millions) Change
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Retail managed funds $48,236 $46,592 -3.4%
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Structured products 387 372 -3.9%
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TOTAL retail assets under
management $48,623 $46,964 -3.4%
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Institutional managed
assets 3,557 3,469 -2.5%
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TOTAL assets under
management $52,180 $50,433 -3.3%
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Assante assets under
administration(*) 17,641 17,112 -3.0%
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Blackmont assets under
administration 6,107 5,954 -2.5%
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TOTAL assets under
administration $23,748 $23,066 -2.9%
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CI other fee-earning assets 1,023 953 -6.8%
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TOTAL FEE-EARNING ASSETS $76,951 $74,452 -3.2%
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AVERAGE RETAIL ASSETS January 31/09 February 28/09 %
UNDER MANAGEMENT (millions) (millions) Change
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Monthly $49,934 $48,237 -3.4%
Quarter-to-date $49,934 $49,129 -1.6%
Fiscal year-to-date $49,934 $49,129 -1.6%
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FISCAL AVERAGE RETAIL December 31/08 February 28/09 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Fiscal year average
retail assets $60,208 $49,129 -18.4%
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EQUITY FINANCIAL POSITION
(millions unless otherwise
indicated)
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Total outstanding Bank debt $962
shares 294,603,613
QTD weighted avg. Cash and marketable
shares 293,373,101 securities (84)
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Yield at $13.08 3.7% Net debt outstanding $878
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In-the-money options 5,050,983 In-the-money option
liability (net of tax) $1
Percentage of all Terminal redemption value
options 68% of funds $796
All options % of shares 2.5% Quarter-to-date equity-
based compensation(xx) $1
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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
($14.50) to February 28, 2009 ($13.08).
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GEOGRAPHIC EXPOSURE OF AUM
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Canada 44% Asia 3%
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United States 25% Other 3%
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Europe 9% Cash 16%
-------------------------------------------------------------------------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
