CI Financial reports record asset levels for March



    TSX Symbol: CIX.UN

    TORONTO, April 2 /CNW/ - CI Financial Income Fund ("CI") today reported
record assets under management of $64.6 billion and record fee-earning assets
of $84.3 billion at March 31, 2007. CI posted gross sales of $1.1 billion and
net sales of $309 million during the month.
    CI Investments Inc. had gross sales of $945 million and net sales of
$280 million in March, comprised of $241 million in net sales of long-term
funds and $39 million of money market funds. United Financial Corporation had
gross sales of $196 million and net sales of $29 million.
    CI's assets under management at March 31, 2007 consisted of investment
fund assets at CI Investments and United Financial of $63.6 billion and
structured products/closed-end funds of $928 million. CI's administered/other
assets of $19.7 billion included institutional assets at Trilogy Global
Advisors, LLC, which generate fees for CI, and $17.8 billion in assets under
administration at Assante Wealth Management (Canada) Ltd. and IQON Financial
Inc. (net of assets under management at United Financial), which generate fees
for those companies.
    For the year-to-date, CI had gross sales of $3.5 billion and net sales of
$914 million. Average assets under management for the three months were
$63.7 billion, up $3.1 billion or 5.0% from the previous quarter.
    "This was a terrific quarter for CI," said Stephen A. MacPhail, President
and Chief Operating Officer. "With average assets rising 5% from the
record-setting prior quarter and net sales of over $900 million, fiscal 2007
is off to a great start. Given that our assets under management at March 31
are up 1.4% from the average for the quarter, we are well positioned to
benefit from stable to rising financial markets."
    Also in March, Morningstar Canada announced that CI Investments continued
to lead the industry with 41 mutual and segregated funds holding the top
five-star rating at February 28, 2007.
    Additional information about CI's sales, assets and financial position
can be found below in the tables of preliminary statistics and at
www.ci.com/cix in the Statistics section.

    
    -------------------------------------------------------------------------
                           CI FINANCIAL INCOME FUND
                               MARCH 31, 2007
                             MONTH-END STATISTICS
    -------------------------------------------------------------------------
    MONTHLY SALES DATA               GROSS SALES    REDEMPTIONS    NET SALES
                                      (millions)     (millions)    (millions)
    -------------------------------------------------------------------------
    CI funds excluding MMF                 $845           $604          $241
    CI money market                         100             61            39
    -------------------------------------------------------------------------
    TOTAL CI Investments                   $945           $665          $280
    -------------------------------------------------------------------------
    TOTAL United Financial                 $196           $167           $29
    -------------------------------------------------------------------------
    TOTAL CI                             $1,141           $832          $309
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
    FEE-EARNING ASSETS            February 28/07    March 31/07         %
                                    (millions)      (millions)        Change
    -------------------------------------------------------------------------
    CI mutual/segregated funds        $52,739         $53,539           1.5%
    United Financial funds             10,107          10,103           0.0%
    -------------------------------------------------------------------------
                                      $62,846         $63,642           1.3%
    -------------------------------------------------------------------------
    Structured products/
     closed-end funds                     936             928          -0.9%
    -------------------------------------------------------------------------
    TOTAL assets under management     $63,782         $64,570           1.2%
    -------------------------------------------------------------------------
    CI administered/other assets        1,816           1,894           4.3%
    -------------------------------------------------------------------------
    Assante/IQON assets under
     administration (net of
     United funds)                     17,802          17,802           0.0%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS          $83,400         $84,266           1.0%
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
    AVERAGE ASSETS UNDER          February 28/07    March 31/07         %
     MANAGEMENT                     (millions)      (millions)        Change
    -------------------------------------------------------------------------
    Monthly                           $64,422         $64,022          -0.6%
    Quarter-to-date                   $63,540         $63,706           0.3%
    Fiscal year-to-date               $63,540         $63,706           0.3%
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
    FISCAL AVERAGE ASSETS      Fiscal 2006 (Dec.)   Fiscal 2007         %
    UNDER MANAGEMENT                (millions)      (millions)        Change
    -------------------------------------------------------------------------
    Fiscal year average assets        $58,735         $63,706           8.5%
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
    EQUITY                              FINANCIAL POSITION
                                        (millions unless otherwise indicated)
    -------------------------------------------------------------------------
    LP units               145,792,607  Bank debt                       $648
    Trust units            134,191,484  Cash & marketable securities     (38)
    Total outstanding                   -------------------------------------
     units                 279,984,091  Net debt outstanding            $610
    Quarter-to-date                     -------------------------------------
     weighted average                   Net debt to annualized EBITDA
     units outstanding     280,037,424   (most recent quarter)        0.84:1
    Yield at $27.60               7.8%  -------------------------------------
    In-the-money options     4,294,590  In-the-money equity comp.
    Percentage of all                    liability (net of tax)          $32
     options                      100%  Terminal redemption value
    All options % of units        1.5%   of funds                       $779
                                        Quarter-to-date equity-based
                                         compensation(*)                  $6
    -------------------------------------------------------------------------

    (*)Based on marked-to-market pre-tax equity-based compensation expense
    accrual from change in unit price and vesting from last quarter-end
    ($26.72) to March 31, 2007 ($27.60).



    --------------------------------------------
    GEOGRAPHIC EXPOSURE OF AUM
    --------------------------------------------
    Canada          47%      Asia            4%
    --------------------------------------------
    United States   22%      Other           2%
    --------------------------------------------
    Europe          15%      Cash           10%
    --------------------------------------------
    

    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. CI 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 shareholders, 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 and Chief
Operating Officer, (416) 364-1145


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