TSX Symbol: CIX
TORONTO, Feb. 2 /CNW/ - CI Financial Corp. ("CI") today reported gross
sales of $638 million and net redemptions of $97 million in January. As of
January 31, 2009, assets under management were $52.2 billion and total
fee-earning assets were $77.5 billion.
Total sales by CI subsidiaries CI Investments Inc. and United Financial
Corporation consisted of net sales of money market funds of $2 million and net
redemptions of long-term funds of $99 million. Excluding one institutional
account that had $219 million in redemptions, CI had net sales of $122
million.
"CI posted net sales of $1.8 billion in 2008 and the factors driving
those sales remain in place," said Stephen A. MacPhail, CI President. "We
continue to have strong sales from products such as the SunWise Elite Plus
Segregated Funds, Harbour funds, Cambridge funds and Portfolio Series, as
shown by January net sales of $122 million when the one institutional
redemption is netted out."
Mr. MacPhail noted that the appeal of the SunWise Elite Plus funds in
particular continues to grow because of their principal and income guarantees
and other benefits, including a guaranteed income for life starting after age
65.
Total assets under management at January 31, 2009 consisted of investment
funds at CI Investments and United Financial of $48.2 billion, institutional
assets of $3.6 billion and structured product assets of $387 million. CI also
reported assets under administration of $24.3 billion, which consisted of
$18.2 billion in assets under administration at Assante Wealth Management
(Canada) Ltd. and $6.1 billion in assets under administration at Blackmont
Capital Inc. Other fee-earning assets totalled $1.0 billion.
CI expects to release its financial results for the fourth quarter and
fiscal year 2008 on February 24, 2009.
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.
January 31, 2009
MONTH-END STATISTICS
-------------------------------------------------------------------------
MONTHLY SALES DATA GROSS SALES REDEMPTIONS NET SALES
RETAIL MANAGED FUNDS (millions) (millions) (millions)
-------------------------------------------------------------------------
Long-term funds $536 $635 -$99
Short-term funds $96 $94 $2
Sales related to
deposit notes $6 $6 $0
-------------------------------------------------------------------------
TOTAL RETAIL FUNDS $638 $735 -$97
-------------------------------------------------------------------------
-------------------------------------------------------------------------
FEE-EARNING ASSETS December 31/08 January 31/09 %
(millions) (millions) Change
-------------------------------------------------------------------------
Retail managed funds $50,425 $48,236 -4.3%
-------------------------------------------------------------------------
Structured products 395 387 -2.0%
-------------------------------------------------------------------------
TOTAL retail assets
under management $50,820 $48,623 -4.3%
-------------------------------------------------------------------------
Institutional managed
assets 3,765 3,576 -5.0%
-------------------------------------------------------------------------
TOTAL assets under
management $54,585 $52,199 -4.4%
-------------------------------------------------------------------------
Assante assets under
administration(*) 18,449 18,191 -1.4%
-------------------------------------------------------------------------
Blackmont assets under
administration 6,174 6,107 -1.1%
-------------------------------------------------------------------------
TOTAL assets under
administration $24,623 $24,298 -1.3%
-------------------------------------------------------------------------
CI other fee-earning
assets 1,052 1,014 -3.6%
-------------------------------------------------------------------------
TOTAL FEE-EARNING ASSETS $80,260 $77,511 -3.4%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
AVERAGE RETAIL ASSETS December 31/08 January 31/09 %
UNDER MANAGEMENT (millions) (millions) Change
-------------------------------------------------------------------------
Monthly $48,994 $49,934 1.9%
Quarter-to-date $50,380 $49,934 -0.9%
Fiscal year-to-date $60,208 $49,934 -17.1%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
FISCAL AVERAGE RETAIL Fiscal 2008 Fiscal 2009 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
-------------------------------------------------------------------------
Fiscal year average
retail assets $60,208 $49,934 -17.1%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EQUITY FINANCIAL POSITION
(millions unless otherwise indicated)
-------------------------------------------------------------------------
Total outstanding
shares 294,603,613 Bank debt $956
QTD weighted avg.
shares 293,235,945 Cash and marketable securities (73)
-------------------------------------
Yield at $14.95 3.2% Net debt outstanding $883
-------------------------------------
In-the-money options 973,073 In-the-money option liability
(net of tax) $0
Percentage of all options 28% Terminal redemption value
of funds $802
All options % of shares 1.2% Quarter-to-date
equity-based compensation(xx) $0
-------------------------------------------------------------------------
(*) 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 January 31, 2009 ($14.95).
-------------------------------------------------------------------------
GEOGRAPHIC EXPOSURE OF AUM
-------------------------------------------------------------------------
Canada 45% Asia 3%
-------------------------------------------------------------------------
United States 24% Other 3%
-------------------------------------------------------------------------
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
