CI Financial reports asset growth of 2.8% in November

TSX Symbol: CIX

TORONTO, Dec. 1 /CNW/ - CI Financial Corp. ("CI") today reported net sales of $116 million for the month of November. Assets under management at November 30, 2009, were $65.5 billion, an increase of $1.8 billion or 2.8% over the month. Total fee-earning assets increased by $2.2 billion or 2.6% to $87.6 billion.

During November, CI subsidiaries CI Investments Inc. and United Financial Corporation had combined retail gross sales of $719 million. Net sales of $116 million consisted of net sales of $131 million in long-term funds and net redemptions of $15 million in money market funds.

At November 30, 2009, assets under management consisted of investment funds and structured products at CI Investments and United Financial of $61.5 billion, and institutional assets of $4.0 billion. CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $21.3 billion, and other fee-earning assets of $743 million.

"November's results support our expectations for an excellent fourth quarter for CI," said Stephen A. MacPhail, CI President. "In comparison to our average assets for the third quarter, our average quarterly assets are up about 5% and our current assets are up about 7%."

Also in November, CI Investments launched two new income funds, Signature Diversified Yield Fund and Signature Diversified Yield Corporate Class. The funds, managed by Signature Global Advisors, are designed to provide exposure to high-yielding asset classes. Since their launch two weeks ago, the funds have attracted a total of $30 million in assets.

CI's results no longer include Blackmont Capital Inc. as a result of CI reaching an agreement on October 26, 2009 to sell Blackmont to Macquarie Group. For comparison purposes, statistics for the prior month have been adjusted to reflect this change.

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.
                              November 30, 2009
                             MONTH-END STATISTICS
    -------------------------------------------------------------------------
    MONTHLY SALES DATA                 GROSS SALES   REDEMPTIONS   NET SALES
    RETAIL MANAGED FUNDS                (millions)    (millions)   (millions)
    -------------------------------------------------------------------------
    Long-term funds                           $653          $522        $131
    Short-term funds                           $66           $81        -$15
    -------------------------------------------------------------------------
    TOTAL RETAIL FUNDS                        $719          $603        $116
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    FEE-EARNING ASSETS                  Oct. 31/09    Nov. 30/09        %
                                        (millions)    (millions)     Change
    -------------------------------------------------------------------------
    Retail assets under management         $59,671       $61,460        3.0%
    -------------------------------------------------------------------------
    Institutional managed assets             4,028         4,039        0.3%
    -------------------------------------------------------------------------
    TOTAL assets under management          $63,699       $65,499        2.8%
    -------------------------------------------------------------------------
    Assante assets under
     administration*                      20,897        21,309        2.0%
    -------------------------------------------------------------------------
    CI other fee-earning assets                752           743       -1.2%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS               $85,348       $87,551        2.6%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MONTHLY AVERAGE RETAIL              Oct. 31/09    Nov. 30/09        %
    ASSETS UNDER MANAGEMENT             (millions)    (millions)     Change
    -------------------------------------------------------------------------
    Monthly average retail assets          $60,412       $61,139        1.2%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    QUARTERLY AVERAGE RETAIL ASSETS    Sept. 30/09    Nov. 30/09        %
     UNDER MANAGEMENT                   (millions)    (millions)     Change
    -------------------------------------------------------------------------
    Quarterly average retail assets        $57,963       $60,769        4.8%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    FISCAL AVERAGE RETAIL ASSETS        Dec. 31/08    Nov. 30/09        %
    UNDER MANAGEMENT                    (millions)    (millions)     Change
    -------------------------------------------------------------------------
    Fiscal year average retail assets      $60,208       $54,820       -8.9%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    EQUITY                              FINANCIAL POSITION
                                        (millions)
    -------------------------------------------------------------------------
    Total outstanding                   Bank debt                      $766
     shares               291,685,872
    QTD weighted avg.                   Cash and marketable
     shares               291,950,502   securities                      (32)
                                       --------------------------------------
    Yield at $19.30              3.7%   Net debt outstanding           $734
                                       --------------------------------------
    In-the-money options    6,813,200   In-the-money option
                                         liability (net of tax)         $16
    Percentage of all                   Terminal redemption value
     options                      99%    of funds                      $800
    All options % of                    Quarter-to-date equity-based
     shares                      2.3%    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
    ($20.59) to November 30, 2009 ($19.30)

    -------------------------------------------------------------------------
    GEOGRAPHIC EXPOSURE OF AUM
    -------------------------------------------------------------------------
    Canada                 50%          Asia                    3%
    -------------------------------------------------------------------------
    United States          21%          Other                   4%
    -------------------------------------------------------------------------
    Europe                 10%          Cash                   12%
    -------------------------------------------------------------------------
    

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. CI 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.

SOURCE CI Investments Inc.

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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890