TSX Symbol: CIX.UN
TORONTO, Dec. 1 /CNW/ - CI Financial Income Fund ("CI") today reported
gross sales of $788 million and net sales of $140 million for the month of
November. As of November 30, 2008, assets under management were $53.7 billion
and total fee-earning assets were $78.9 billion.
"The strong net sales in the current environment demonstrate our clients'
confidence in CI and our portfolio managers," said Stephen A. MacPhail, CI
President. "In particular, interest in the SunWise Elite Plus Segregated
Funds, with their principal and income guarantees, continues to grow."
The total net sales by CI subsidiaries CI Investments Inc. and United
Financial Corporation consisted of net sales of long-term funds of $132
million and net sales of money market funds of $23 million. In addition, there
were $15 million in net redemptions related to several series of deposit
notes, which use asset allocation strategies in which money is moved out of
mutual funds when markets are declining. These institutional transactions
reflect a rebalancing of the deposit notes and not a redemption by clients
from the product.
For the year-to-date, CI had gross sales of $10.8 billion and net sales
of $1.6 billion.
Total assets under management at November 30, 2008 consisted of
investment funds at CI Investments and United Financial of $49.6 billion,
institutional assets of $3.7 billion and structured product assets of $401
million. CI also reported assets under administration of $24.1 billion, which
consisted of $17.9 billion in assets under administration at Assante Wealth
Management (Canada) Ltd. and $6.2 billion in assets under administration at
Blackmont Capital Inc. Other fee-earning assets totalled $1.0 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,
www.ci.com/cix, in the Statistics section.-------------------------------------------------------------------------
CI FINANCIAL INCOME FUND
November 30, 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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Long-term funds $616 $484 $132
Short-term funds $107 $84 $23
Sales related to deposit
notes $65 $80 -$15
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TOTAL RETAIL FUNDS $788 $648 $140
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FEE-EARNING ASSETS October 31/08 November 30/08 %
(millions) (millions) Change
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Retail managed funds $51,907 $49,630 -4.4%
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Structured products 420 401 -4.5%
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TOTAL retail assets under
management $52,327 $50,031 -4.4%
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Institutional managed assets 3,638 3,710 2.0%
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TOTAL assets under management $55,965 $53,741 -4.0%
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Assante assets under
administration(*) 18,737 17,894 -4.5%
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Blackmont assets under
administration 6,670 6,189 -7.2%
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TOTAL assets under
administration $25,407 $24,083 -5.2%
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CI other fee-earning assets 1,079 1,048 -2.9%
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TOTAL FEE-EARNING ASSETS $82,451 $78,872 -4.3%
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AVERAGE RETAIL ASSETS October 31/08 November 30/08 %
UNDER MANAGEMENT (millions) (millions) Change
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Monthly $52,401 $49,721 -5.1%
Quarter-to-date $52,401 $51,083 -2.5%
Fiscal year-to-date $62,380 $61,246 -1.8%
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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 $61,246 -5.7%
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EQUITY FINANCIAL POSITION
(millions unless otherwise indicated)
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LP units 146,108,724 Bank debt $1,200
Trust units 133,494,889 Cash & marketable securities -30
Total outstanding ----------------------------------------
units 279,603,613 Net debt outstanding $1,170
QTD weighted avg. ----------------------------------------
units 277,441,752
Yield at $14.55 3.3% ----------------------------------------
In-the-money options 0 In-the-money option liability
Percentage of all options 0% (net of tax) $0
All options % of units 0.9% Terminal redemption value
of funds $800
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 unit price and vesting from last quarter-end
($18.00) to November 30, 2008 ($14.55).
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GEOGRAPHIC EXPOSURE OF AUM
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Canada 44% Asia 3%
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United States 24% Other 3%
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Europe 9% Cash 17%
-------------------------------------------------------------------------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.
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
