CI Financial reports net sales of $513 million in February



    TSX Symbol: CIX.UN

    TORONTO, March 3 /CNW/ - CI Financial Income Fund ("CI") today reported
net sales of $513 million in February 2008, and assets under management of
$65.0 billion and total fee-earning assets of $98.6 billion as of February 29,
2008.
    For the month, CI subsidiaries CI Investments Inc. and United Financial
Corporation had combined gross retail sales of $1.2 billion and net sales of
$415 million in long-term funds and $98 million in money market funds.
    "It was an excellent month, with net sales exceeding our expectations,"
said Stephen A. MacPhail, CI President. "The investment climate has improved
since January, though the outlook remains uncertain. CI has benefited from its
strong and diverse product lineup, which generates consistent sales."
    CI's best-selling products include Portfolio Series and Portfolio Select
Series, two asset allocation programs offered by CI Investments, the SunWise
Elite Plus Segregated Funds, and the Harbour Funds, a family of mutual funds
led by portfolio managers Gerry Coleman and Stephen Jenkins. In addition, the
Cambridge Funds with portfolio manager Alan Radlo have been very well received
since their launch in January. The three funds had net sales of almost
$50 million in February, bringing their total assets to $108 million at
February 29.
    CI's assets under management at February 29, 2008 consisted of investment
funds at CI Investments and United Financial of $61.5 billion, institutional
assets at KBSH Capital Management Inc. of $2.9 billion and structured product
assets of $536 million. CI also reported assets under administration of
$32.1 billion, which consisted of $23.1 billion in assets under administration
at Assante Wealth Management (Canada) Ltd. and $9.1 billion in assets under
administration at Blackmont Capital Inc.
    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.

    
                           CI FINANCIAL INCOME FUND
                              February 29, 2008
                             MONTH-END STATISTICS
    -------------------------------------------------------------------------
    MONTHLY SALES DATA           GROSS SALES     REDEMPTIONS       NET SALES
    RETAIL MANAGED FUNDS          (millions)      (millions)      (millions)
    -------------------------------------------------------------------------
    Total long-term                   $1,065            $650            $415
    Total short-term                    $184             $86             $98
    -------------------------------------------------------------------------
    TOTAL RETAIL FUNDS                $1,249            $736            $513
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    FEE-EARNING ASSETS         January 31/08  February 29/08               %
                                  (millions)      (millions)          Change
    -------------------------------------------------------------------------
    Retail managed funds             $60,960         $61,532            0.9%
    -------------------------------------------------------------------------
    Structured products                  514             536            4.3%
    -------------------------------------------------------------------------
    TOTAL retail assets under
     management                      $61,474         $62,068            1.0%
    -------------------------------------------------------------------------
    Institutional managed assets       2,878           2,889            0.4%
    -------------------------------------------------------------------------
    TOTAL assets under management    $64,352         $64,957            0.9%
    -------------------------------------------------------------------------
    Assante assets under
     administration(*)                23,065          23,065            0.0%
    -------------------------------------------------------------------------
    Blackmont assets under
     administration                    8,749           9,071            3.7%
    -------------------------------------------------------------------------
    TOTAL assets under
     administration                  $31,814         $32,136            1.0%
    -------------------------------------------------------------------------
    CI other fee-earning assets        1,578           1,527           -3.2%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS         $97,744         $98,620            0.9%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    AVERAGE RETAIL ASSETS      January 31/08  February 29/08               %
    UNDER MANAGEMENT              (millions)      (millions)          Change
    -------------------------------------------------------------------------
    Monthly                          $62,055         $61,638           -0.7%
    -------------------------------------------------------------------------
    Quarter-to-date                  $62,055         $61,853           -0.3%
    -------------------------------------------------------------------------
    Fiscal year-to-date              $62,055         $61,853           -0.3%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    FISCAL AVERAGE RETAIL        Fiscal 2007     Fiscal 2008               %
    ASSETS UNDER MANAGEMENT       (millions)      (millions)          Change
    -------------------------------------------------------------------------
    Fiscal year average retail
     assets                          $64,958         $61,853           -4.8%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    EQUITY                            FINANCIAL POSITION
                                      (millions unless otherwise indicated)
    -------------------------------------------------------------------------
    LP units            146,711,581   Bank debt                       $1,052
    Trust units         139,442,423   Cash & marketable securities     (141)
    Total outstanding                 ---------------------------------------
     units              286,154,004   Net debt outstanding              $911
    Quarter-to-date                   ---------------------------------------
     weighted average                 Net debt to annualized EBITDA
     units outstanding  279,655,014    (most recent quarter)          1.22:1
    Yield at $23.10            8.3%   ---------------------------------------
    In-the-money                      In-the-money equity comp.
     options              2,592,129    liability (net of tax)            $10
    Percentage of all                 Terminal redemption value
     options                    92%    of funds                         $772
    All options % of                  Quarter-to-date equity-based
     units                     1.0%    compensation(*)(*)               -$11
    -------------------------------------------------------------------------

    (*)    Includes United Financial investment funds
    (*)(*) Based on marked-to-market pre-tax equity-based compensation
           expense accrual from change in unit price and vesting from last
           quarter-end ($28.07) to February 29, 2008 ($23.10).


    -------------------------------------------------------------------------
    GEOGRAPHIC EXPOSURE OF AUM
    -------------------------------------------------------------------------
    Canada                         47%    Asia                            4%
    -------------------------------------------------------------------------
    United States                  21%    Other                           4%
    -------------------------------------------------------------------------
    Europe                         12%    Cash                           12%
    -------------------------------------------------------------------------
    

    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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