CI Financial reports $152 million in net sales for September



    TSX Symbol: CIX.UN

    TORONTO, Oct. 2 /CNW/ - CI Financial Income Fund ("CI") today reported
net sales of $152 million in September 2008, and assets under management of
$62.9 billion and total fee-earning assets of $92.3 billion as of September
30, 2008.
    CI subsidiaries CI Investments Inc. and United Financial Corporation had
combined gross retail sales of $1.1 billion, with net sales of $126 million in
long-term funds and $26 million in money market funds. For the year-to-date,
CI had gross sales of $9.2 billion and net sales of $1.8 billion.
    Total assets under management at September 30, 2008 consisted of
investment funds at CI Investments and United Financial of $58.5 billion,
institutional assets of $3.9 billion and structured product assets of
$492 million.
    CI also reported assets under administration of $28.1 billion, which
consisted of $20.3 billion in assets under administration at Assante Wealth
Management (Canada) Ltd. and $7.8 billion in assets under administration at
Blackmont Capital Inc. Other fee-earning assets totalled $1.2 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
                             September 30, 2008
                             MONTH-END STATISTICS
    -------------------------------------------------------------------------
    MONTHLY SALES DATA    GROSS SALES    REDEMPTIONS    NET SALES
    RETAIL MANAGED FUNDS   (millions)     (millions)    (millions)
    -------------------------------------------------------------------------
    Total long-term          $1,010          $884          $126
    Total short-term           $124           $98           $26
    -------------------------------------------------------------------------
    TOTAL RETAIL FUNDS       $1,134          $982          $152
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    FEE-EARNING ASSETS          August 31/08   September 30/08         %
                                 (millions)      (millions)         Change
    -------------------------------------------------------------------------
    Retail managed funds           $64,365         $58,549          -9.0%
    -------------------------------------------------------------------------
    Structured products                534             492          -7.9%
    -------------------------------------------------------------------------
    TOTAL retail assets under
     management                    $64,899         $59,041          -9.0%
    -------------------------------------------------------------------------
    Institutional managed assets     4,494           3,891         -13.4%
    -------------------------------------------------------------------------
    TOTAL assets under management  $69,393         $62,932          -9.3%
    -------------------------------------------------------------------------
    Assante assets under
     administration(*)              22,914          20,279         -11.5%
    -------------------------------------------------------------------------
    Blackmont assets under
     administration                  8,835           7,832         -11.4%
    -------------------------------------------------------------------------
    TOTAL assets under
     administration                $31,749         $28,111         -11.5%
    -------------------------------------------------------------------------
    CI other fee-earning assets      1,416           1,219         -13.9%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS      $102,558         $92,262         -10.0%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    AVERAGE RETAIL ASSETS       August 31/08   September 30/08         %
    UNDER MANAGEMENT             (millions)      (millions)         Change
    -------------------------------------------------------------------------
    Monthly                        $63,900         $61,385          -3.9%
    Quarter-to-date                $63,540         $62,837          -1.1%
    Fiscal year-to-date            $63,755         $63,496          -0.4%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    FISCAL AVERAGE RETAIL       Fiscal 2007     Fiscal 2008            %
    ASSETS UNDER MANAGEMENT      (millions)      (millions)         Change
    -------------------------------------------------------------------------
    Fiscal year average retail
     assets                        $64,958         $63,496          -2.3%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    EQUITY                            FINANCIAL POSITION
                                      (millions unless otherwise indicated)
    -------------------------------------------------------------------------
    LP units            146,392,239   Bank debt                      $1,108
    Trust units         133,570,065   Cash & marketable securities     (122)
    Total outstanding                ----------------------------------------
     units              279,962,304   Net debt outstanding             $986
    Quarter-to-date                  ----------------------------------------
     weighted average                 Net debt to annualized EBITDA
     units outstanding  278,173,977    (most recent quarter)         1.41:1
    Yield at $18.00            11.3% ----------------------------------------
    In-the-money options  1,084,220   In-the-money option liability
    Percentage of all options    43%   (net of tax)                      $1
    All options % of units      0.9%  Terminal redemption value
                                       of funds                        $801
                                      Quarter-to-date equity-based
                                       compensation(xx)                 ($8)
    -------------------------------------------------------------------------
    (*)  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
         ($22.00) to September 30, 2008 ($18.00).

    -------------------------------------------------------------------------
    GEOGRAPHIC EXPOSURE OF AUM
    -------------------------------------------------------------------------
    Canada                45%               Asia              4%
    -------------------------------------------------------------------------
    United States         22%               Other             3%
    -------------------------------------------------------------------------
    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:

For further information: Stephen A. MacPhail, President, (416) 364-1145


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