TSX Symbol: CIX.UN
TORONTO, Sept. 2 /CNW/ - CI Financial Income Fund ("CI") today reported
net sales of $115 million in August 2008, and assets under management of
$67.5 billion and total fee-earning assets of $100.6 billion as of August 31,
2008.
CI subsidiaries CI Investments Inc. and United Financial Corporation had
combined gross retail sales of $665 million, with net sales of $66 million in
long-term funds and $49 million in money market funds. For the year-to-date,
CI had gross sales of $8.0 billion and net sales of $1.7 billion.
Retail assets under management grew by $1.3 billion or 2.1% over the
month to $64.9 billion. Total assets under management at August 31, 2008
consisted of investment funds at CI Investments and United Financial of
$64.4 billion, institutional assets at KBSH Capital Management Inc. of
$2.6 billion and structured product assets of $534 million.
CI also reported assets under administration of $31.7 billion, which
consisted of $22.8 billion in assets under administration at Assante Wealth
Management (Canada) Ltd. and $8.8 billion in assets under administration at
Blackmont Capital Inc. Other fee-earning assets totalled $1.4 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
in the Statistics section.-------------------------------------------------------------------------
CI FINANCIAL INCOME FUND
August 31, 2008
MONTH-END STATISTICS
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MONTHLY SALES DATA RETAIL GROSS SALES REDEMPTIONS NET SALES
MANAGED FUNDS (millions) (millions) (millions)
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Total long-term $551 $485 $66
Total short-term $114 $65 $49
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TOTAL RETAIL FUNDS $665 $550 $115
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FEE-EARNING ASSETS July 31/08 August 31/08 %
(millions) (millions) Change
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Retail managed funds $63,033 $64,352 2.1%
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Structured products 530 534 0.8%
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TOTAL retail assets under management $63,563 $64,886 2.1%
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Institutional managed assets 2,611 2,641 1.1%
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TOTAL assets under management $66,174 $67,527 2.0%
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Assante assets under administration(*) 22,584 22,833 1.1%
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Blackmont assets under administration 9,123 8,835 -3.2%
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TOTAL assets under administration $31,707 $31,668 -0.1%
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CI other fee-earning assets 1,421 1,416 -0.4%
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TOTAL FEE-EARNING ASSETS $99,302 $100,611 1.3%
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AVERAGE RETAIL ASSETS July 31/08 August 31/08 %
UNDER MANAGEMENT (millions) (millions) Change
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Monthly $63,180 $63,896 1.1%
Quarter-to-date $63,180 $63,538 0.6%
Fiscal year-to-date $63,734 $63,755 0.0%
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FISCAL AVERAGE RETAIL ASSETS Fiscal 2007 Fiscal 2008 %
UNDER MANAGEMENT (millions) (millions) Change
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Fiscal year average retail assets $64,958 $63,755 -1.9%
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EQUITY FINANCIAL POSITION
(millions unless otherwise indicated)
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LP units 146,424,206 Bank debt $1,119
Trust units 133,972,798 Cash & marketable securities (174)
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Total outstanding Net debt outstanding $945
units 280,397,004 ------------------------------------------
Quarter-to-date Net debt to annualized EBITDA
weighted (most recent quarter) 1.35:1
average units ------------------------------------------
outstanding 278,254,718 In-the-money option liability
Yield at $23.25 8.8% (net of tax) $9
In-the-money Terminal redemption value of funds $800
options 2,332,549 Quarter-to-date equity-based
Percentage of compensation(*)(*) $4
all options 92%
All options %
of units 0.9%
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(*) Includes CI and United Financial investment fund assets
administered by Assante advisors.
(*)(*) 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 August 31, 2008 ($23.25).
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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
