CI Financial reports assets and sales for November



    TSX Symbol: CIX.UN

    TORONTO, Dec. 4 /CNW/ - CI Financial Income Fund ("CI") today reported
assets under management of $67.6 billion and fee-earning assets of
$95.0 billion as of November 30, 2007, representing increases over a year ago
of 10.0% and 18.3%, respectively.
    CI Investments Inc. posted net sales of $173 million in November in its
retail mutual funds and gross sales of $751 million. Activity in institutional
accounts related to several series of deposit notes resulted in overall net
sales of $45 million for CI Investments. The deposit notes use asset
allocation strategies in which money is re-allocated out of the underlying
funds when related markets are declining.
    United Financial Corporation reported gross sales of $80 million and net
redemptions of $50 million. In total, CI had gross sales of $831 million and
net redemptions of $5 million in November. For the year-to-date, CI has had
gross sales of $10.6 billion and net sales of $1.8 billion.
    CI's assets under management at November 30, 2007 consisted of investment
fund assets at CI Investments and United Financial of $63.8 billion,
structured product assets of $709 million and institutional assets at KBSH
Capital Management Inc. of $3.1 billion. CI also reported administered and
other assets of $27.4 billion, which included $16.7 billion in assets under
administration at Assante Wealth Management (Canada) Ltd. (net of assets under
management at United Financial), and assets under administration at Blackmont
Capital Inc. of $9.0 billion.
    In other developments, CI Investments Inc. was named Analysts' Choice
Investment Fund Company of the Year for the second year in a row at the
Canadian Investment Awards on November 29. The winning company is chosen by a
panel of independent analysts for excellence in key areas such as performance,
management, breadth of core fund category representation, industry service,
and fund governance.
    CI Investments also won top honours in the Canadian Balanced Fund
category with Signature Canadian Balanced Fund and in the U.S. Pooled Fund
category with CI American Value. In addition, Blackmont Capital was a winner
of a Canadian Investment Marketing Award.
    Additional information about CI's sales, assets and financial position
can be found below in the tables of preliminary statistics and on its website
in the Statistics section.

    
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                           CI FINANCIAL INCOME FUND
                              November 30, 2007
                             MONTH-END STATISTICS
    -------------------------------------------------------------------------
    MONTHLY SALES DATA                 GROSS SALES  REDEMPTIONS    NET SALES
                                         (millions)   (millions)   (millions)
    -------------------------------------------------------------------------
    CI funds excluding MMF                    $631         $639          -$8
    CI money market                            120           67           53
    -------------------------------------------------------------------------
    TOTAL CI Investments                      $751         $706          $45
    -------------------------------------------------------------------------
    TOTAL United Financial                     $80         $130         -$50
    -------------------------------------------------------------------------
    TOTAL CI                                  $831         $836          -$5
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    FEE-EARNING ASSETS                     October     November
                                             31/07        30/07            %
                                         (millions)   (millions)      Change
    -------------------------------------------------------------------------
    CI mutual/segregated funds             $55,449      $54,369         -1.9%
    United Financial funds                   9,619        9,441         -1.9%
    -------------------------------------------------------------------------
                                           $65,068      $63,810         -1.9%
    -------------------------------------------------------------------------
    Structured products                        724          709         -2.1%
    -------------------------------------------------------------------------
    TOTAL retail assets under management   $65,792      $64,519         -1.9%
    -------------------------------------------------------------------------
    Institutional managed assets             3,203        3,100         -3.2%
    -------------------------------------------------------------------------
    TOTAL assets under management          $68,995      $67,619         -2.0%
    -------------------------------------------------------------------------
    CI administered/other assets             1,699        1,709          0.6%
    -------------------------------------------------------------------------
    Assante assets under administration
     (net of United funds)                  16,669       16,669          0.0%
    -------------------------------------------------------------------------
    Blackmont assets under administration    9,764        8,963         -8.2%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS               $97,127      $94,960         -2.2%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    AVERAGE RETAIL ASSETS                  October     November
     UNDER MANAGEMENT                        31/07        30/07            %
                                         (millions)   (millions)      Change
    -------------------------------------------------------------------------
    Monthly                                $65,387      $63,705         -2.6%
    Quarter-to-date                        $65,387      $64,560         -1.3%
    Fiscal year-to-date                    $65,145      $65,015         -0.2%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    FISCAL AVERAGE RETAIL              Fiscal 2006
     ASSETS UNDER MANAGEMENT                 (Dec.)  Fiscal 2007           %
                                         (millions)   (millions)      Change
    -------------------------------------------------------------------------
    Fiscal year average retail assets      $58,735      $65,015         10.7%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                   FINANCIAL POSITION
    EQUITY                         (millions unless otherwise indicated)
    -------------------------------------------------------------------------
    LP units         146,813,157   Bank debt                            $872
    Trust units      139,339,177   Cash & marketable securities          (66)
    Total                         -------------------------------------------
     outstanding                   Net debt outstanding                 $806
     units           286,152,334  -------------------------------------------
                                   Net debt to annualized EBITDA
    Quarter-to-date                 (most recent quarter)             1.10:1
     weighted                     -------------------------------------------
     average units                 In-the-money equity comp.
     outstanding     285,327,756    liability (net of tax)               $17

    Yield at $26.68          8.5%  Terminal redemption value of funds   $783
    In-the-money
     options           2,866,623   Quarter-to-date equity-based
    Percentage of                   compensation(*)                       $1
     all options              91%
    All options
     % of units              1.1%
    -------------------------------------------------------------------------
    (*) Based on marked-to-market pre-tax equity-based compensation expense
        accrual from change in unit price and vesting from last quarter-end
        ($26.40) to November 30, 2007 ($26.68).


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    GEOGRAPHIC EXPOSURE OF AUM
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    Canada                      46%               Asia                     4%
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    United States               22%               Other                    3%
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    Europe                      12%               Cash                    13%
    -------------------------------------------------------------------------
    

    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 that
does not have any standardized meaning prescribed by GAAP. It is therefore
unlikely to be comparable to similar measures presented by other companies.
However, 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.

    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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