TSX Symbol: CIX
TORONTO, June 1 /CNW/ - CI Financial Corp. ("CI") today reported gross
sales of $649 million and net sales of $136 million in May. Assets under
management increased by $3.0 billion or 5.3% over the month to $58.8 billion
at May 31, 2009. Total fee-earning assets were $86.1 billion, an increase of
$4.4 billion or 5.4%.
CI subsidiaries CI Investments Inc. and United Financial Corporation had
combined retail net sales of $149 million in long-term funds and net
redemptions of $13 million in money market funds in May.
"With the decisive rally in the markets starting in March, the confidence
of retail investors is strengthening," said Stephen A. MacPhail, CI President.
"CI's gross sales for the month were up 13% over April levels, while net sales
increased 130%."
Meanwhile, CI's assets under management have grown by $10.1 billion or
20.8% since the low for the year-to-date on March 9.
Assets under management at May 31, 2009, consisted of investment funds at
CI Investments and United Financial of $54.4 billion, institutional assets of
$3.9 billion and structured product assets of $458 million. CI also reported
assets under administration of $26.5 billion, which consisted of $19.4 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 $786 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.
May 31, 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 $574 $425 $149
Short-term funds $75 $88 -$13
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TOTAL RETAIL FUNDS $649 $513 $136
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April 30/09 May 31/09 %
FEE-EARNING ASSETS (millions) (millions) Change
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Retail managed funds $51,728 $54,422 5.2%
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Structured products 439 458 4.3%
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TOTAL retail assets under management $52,167 $54,880 5.2%
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Institutional managed assets 3,673 3,918 6.7%
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TOTAL assets under management $55,840 $58,798 5.3%
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Assante assets under administration(*) 18,467 19,446 5.3%
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Blackmont assets under administration 6,566 7,103 8.2%
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TOTAL assets under administration $25,033 $26,549 6.1%
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CI other fee-earning assets 834 786 -5.8%
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TOTAL FEE-EARNING ASSETS $81,707 $86,133 5.4%
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MONTHLY AVERAGE RETAIL April 30/09 May 31/09 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Monthly average retail assets $51,480 $53,998 4.9%
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QUARTERLY AVERAGE RETAIL March 31/09 May 31/09 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Quarterly average retail assets $48,681 $52,759 8.4%
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FISCAL AVERAGE RETAIL December 31/08 May 31/09 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Fiscal year average retail assets $60,208 $50,328 -16.4%
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EQUITY FINANCIAL POSITION
(millions unless otherwise
indicated)
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Total outstanding shares 292,507,954 Bank debt $881
QTD weighted avg. shares 292,493,649 Cash and marketable
Yield at $18.00 3.3% securities (49)
In-the-money options 5,988,503 -----------------------------------
Percentage of all options 83% Net debt outstanding $832
All options % of shares 2.5% -----------------------------------
In-the-money option
liability (net of tax) $13
Terminal redemption value
of funds $795
Quarter-to-date equity-based
compensation(xx) $6
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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 May 31, 2009 ($18.00).
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GEOGRAPHIC EXPOSURE OF AUM
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Canada 49% Asia 4%
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United States 22% Other 3%
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Europe 9% Cash 13%
-------------------------------------------------------------------------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
