TSX Symbol: CIX
TORONTO, Aug. 4 /CNW/ - CI Financial Corp. ("CI") today reported gross
sales of $624 million and net sales of $159 million in July. CI posted its
fifth consecutive month of asset growth, with assets under management at July
31, 2009, reaching $61.6 billion, an increase of $1.6 billion or 2.7% for the
month. Total fee-earning assets were $89.5 billion, an increase of $2.1
billion or 2.4% for July.
CI subsidiaries CI Investments Inc. and United Financial Corporation had
combined retail net sales of $149 million in long-term funds and $10 million
in money market funds for the month.
As of July 31, 2009, assets under management consisted of investment
funds and structured products at CI Investments and United Financial of $57.6
billion, and institutional assets of $3.9 billion. CI also reported assets
under administration of $27.1 billion, which consisted of $19.9 billion in
assets under administration at Assante Wealth Management (Canada) Ltd. and
$7.2 billion in assets under administration at Blackmont Capital Inc. Other
fee-earning assets totalled $774 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.
July 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 $542 $393 $149
Short-term funds $82 $72 $10
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TOTAL RETAIL FUNDS $624 $465 $159
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FEE-EARNING ASSETS Jun 30/09 July 31/09 %
(millions) (millions) Change
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Retail assets under management $56,016 $57,640 2.9%
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Institutional managed assets 3,927 3,944 0.4%
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TOTAL assets under management $59,943 $61,584 2.7%
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Assante assets under
administration(*) 19,479 19,908 2.2%
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Blackmont assets under
administration 7,133 7,210 1.1%
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TOTAL assets under administration $26,612 $27,118 1.9%
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CI other fee-earning assets 796 774 -2.8%
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TOTAL FEE-EARNING ASSETS $87,351 $89,476 2.4%
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MONTHLY AVERAGE RETAIL ASSETS Jun 30/09 July 31/09 %
UNDER MANAGEMENT (millions) (millions) Change
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Monthly average retail assets $55,640 $55,671 0.1%
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QUARTERLY AVERAGE RETAIL ASSETS Jun 30/09 July 31/09 %
UNDER MANAGEMENT (millions) (millions) Change
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Quarterly average retail assets $53,727 $55,671 3.6%
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FISCAL AVERAGE RETAIL ASSETS December 31/08 July 31/09 %
UNDER MANAGEMENT (millions) (millions) Change
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Fiscal year average retail assets $60,208 $51,869 -13.9%
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EQUITY FINANCIAL POSITION
(millions)
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Total outstanding shares 292,396,103 Bank debt $864
QTD weighted avg. shares 292,378,897 Cash and marketable
securities (57)
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Yield at $21.10 2.8% Net debt outstanding $807
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In-the-money options 7,013,272 In-the-money option
liability (net of tax) $13
Percentage of all options 99% Terminal redemption value
of funds $799
All options % of shares 2.4% Quarter-to-date equity-based
compensation(xx) $8
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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 ($19.14) to July 31/2009 ($21.10)
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GEOGRAPHIC EXPOSURE OF AUM
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Canada 46% Asia 2%
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United States 23% Other 9%
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Europe 7% 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
