CI Financial reports sales and assets for 2007



    TSX Symbol: CIX.UN

    TORONTO, Jan. 3 /CNW/ - CI Financial Income Fund ("CI") today reported
net sales of $2.1 billion for calendar year 2007 and growth in total
fee-earning assets of 13% to $103.8 billion.
    "CI has consistently ranked as one of the top-selling mutual fund
companies over the past four years," said Stephen A. MacPhail, CI President.
"December was an excellent month with $248 million in net sales at CI
Investments, and with several important product launches planned for 2008,
including a new family of mutual funds and enhancements to the SunWise Elite
Plus Segregated Funds, we expect our sales momentum to continue."
    During the year, CI's assets under management grew $4.4 billion or 7.1%
to $67.2 billion, and total fee-earning assets grew $12.0 billion or 13.1% to
$103.8 billion.
    CI maintained its ranking as one of the top-selling fund companies in
Canada during the year with gross sales of $9.6 billion and net sales of
$2.1 billion at CI Investments Inc. and gross sales of $1.8 billion and net
sales of $73 million at United Financial Corporation. Combined, CI Investments
and United Financial had gross sales of $11.4 billion and net sales of
$2.1 billion. In December, CI Investments had gross sales of $775 million and
net sales of $248 million, and United Financial recorded gross sales of
$113 million and net redemptions of $11 million.
    CI's assets under management at December 31, 2007 consisted of investment
fund assets at CI Investments and United Financial of $63.6 billion,
institutional assets at KBSH Capital Management Inc. of $3.0 billion and
structured product assets of $531 million. CI also reported assets under
administration of $35.0 billion, which consisted primarily of $25.9 billion in
assets under administration at Assante Wealth Management (Canada) Ltd.
($16.5 billion net of assets under management at United Financial), and assets
under administration at Blackmont Capital Inc. of $9.1 billion.
    Highlights at CI during the year included the purchase of Rockwater
Capital Corporation in April 2007, through which CI acquired Blackmont, KBSH
and Lakeview Asset Management.
    CI successfully launched several new products during the year, including
SunWise Elite Plus, which allows investors to guarantee their retirement
income, CI Investments' T-Class, a tax-efficient cash flow service, and
corporate class units for the United Financial investment pools.
    CI's funds continue to be highly rated within the industry. Twenty-nine
mutual and segregated funds offered by CI Investments have the top five-star
rating from Morningstar, while another 143 hold a four-star rating as of
November 30, 2007. CI Investments has 10 funds on the list of Fund Analyst
Picks from Morningstar, more than any other fund company. In addition, CI
Investments was named Analysts' Choice Investment Fund Company of the Year for
the second year in a row at the Canadian Investment Awards.
    CI expects to release its financial results for the fourth quarter and
the year ending December 31, 2007 on February 20, 2008.
    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
                              December 31, 2007
                            MONTH-END STATISTICS
    -------------------------------------------------------------------------
    MONTHLY SALES DATA           GROSS SALES     REDEMPTIONS       NET SALES
                                  (millions)      (millions)       (millions)
    -------------------------------------------------------------------------
    CI funds excluding MMF              $605            $461            $144
    CI money market                      170              66             104
    -------------------------------------------------------------------------
    TOTAL CI Investments                $775            $527            $248
    -------------------------------------------------------------------------
    TOTAL United Financial              $113            $124            -$11
    -------------------------------------------------------------------------
    TOTAL CI                            $888            $651            $237
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    FEE-EARNING ASSETS        November 30/07  December 31/07               %
                                  (millions)      (millions)          Change
    -------------------------------------------------------------------------
    CI mutual/segregated funds       $54,369         $54,350            0.0%
    United Financial funds             9,442           9,276           -1.8%
    -------------------------------------------------------------------------
                                     $63,811         $63,626           -0.3%
    -------------------------------------------------------------------------
    Structured products                  708             531          -25.0%
    -------------------------------------------------------------------------
    TOTAL retail assets under
     management                      $64,519         $64,157           -0.6%
    -------------------------------------------------------------------------
    Institutional managed assets       3,101           3,028           -2.4%
    -------------------------------------------------------------------------
    TOTAL assets under management    $67,620         $67,185           -0.6%
    -------------------------------------------------------------------------
    Assante assets under
     administration(*)                25,903          25,903            0.0%
    -------------------------------------------------------------------------
    Blackmont assets under
     administration                    8,963           9,065            1.1%
    -------------------------------------------------------------------------
    TOTAL assets under
     administration                  $34,866         $34,968            0.3%
    -------------------------------------------------------------------------
    CI other fee-earning assets        1,709           1,662           -2.8%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS        $104,195        $103,815           -0.4%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    AVERAGE RETAIL ASSETS     November 30/07  December 31/07               %
    UNDER MANAGEMENT              (millions)      (millions)          Change
    -------------------------------------------------------------------------
    Monthly                          $63,704         $64,340            1.0%
    Quarter-to-date                  $64,560         $64,486           -0.1%
    Fiscal year-to-date              $65,015         $64,958           -0.1%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    FISCAL AVERAGE RETAIL        Fiscal 2006
     ASSETS UNDER                     (Dec.)     Fiscal 2007               %
     MANAGEMENT                   (millions)      (millions)          Change
    -------------------------------------------------------------------------
    Fiscal year average
     retail assets                   $58,735         $64,958           10.6%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    EQUITY                            FINANCIAL POSITION
                                      (millions unless otherwise indicated)
    -------------------------------------------------------------------------
    LP units            146,800,535   Bank debt                         $928
    Trust units         139,351,799   Cash & marketable securities      (132)
    Total outstanding                 ---------------------------------------
     units              286,152,334   Net debt outstanding              $796
    Quarter-to-date                   ---------------------------------------
     weighted average                 Net debt to annualized EBITDA
     units outstanding  285,351,397    (most recent quarter)          1.09:1
    Yield at $28.07            8.1%   ---------------------------------------
    In-the-money                      In-the-money equity comp.
     options              2,680,842     liability (net of tax)           $19
    Percentage of all                 Terminal redemption value
     options                    92%    of funds                         $783
    All options % of                  Quarter-to-date equity-based
     units                     1.0%    compensation(xx)                   $5
    -------------------------------------------------------------------------

    (*)  Includes United Financial investment funds.
    (xx) 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 December 31, 2007 ($28.07).


    -------------------------------------------------------------------------
    GEOGRAPHIC EXPOSURE OF AUM
    -------------------------------------------------------------------------
    Canada                               47%            Asia              4%
    -------------------------------------------------------------------------
    United States                        22%           Other              3%
    -------------------------------------------------------------------------
    Europe                               12%            Cash             12%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                          CI FINANCIAL INCOME FUND
                              December 31, 2007
                             YEAR-END STATISTICS
    -------------------------------------------------------------------------
    YEAR-TO-DATE                 GROSS SALES     REDEMPTIONS       NET SALES
    SALES DATA                    (millions)      (millions)       (millions)
    -------------------------------------------------------------------------
    CI funds excluding MMF            $8,269          $6,757          $1,512
    CI money market                    1,345             798             547
    -------------------------------------------------------------------------
    TOTAL CI Investments              $9,614          $7,555          $2,059
    -------------------------------------------------------------------------
    TOTAL United Financial            $1,780          $1,707             $73
    -------------------------------------------------------------------------
    TOTAL CI                         $11,394          $9,262          $2,132
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    FEE-EARNING ASSETS        December 31/06  December 31/07               %
                                  (millions)      (millions)          Change
    -------------------------------------------------------------------------
    CI mutual/segregated funds       $51,854         $54,350            4.8%
    United Financial funds             9,960           9,276           -6.9%
    -------------------------------------------------------------------------
                                     $61,814         $63,626            2.9%
    -------------------------------------------------------------------------
    Structured products                  923             531          -42.5%
    -------------------------------------------------------------------------
    TOTAL retail assets under
     management                      $62,737         $64,157            2.3%
    -------------------------------------------------------------------------
    Institutional managed assets           0           3,028             n/a
    -------------------------------------------------------------------------
    TOTAL assets under management    $62,737         $67,185            7.1%
    -------------------------------------------------------------------------
    Assante assets under
     administration(*)                27,319          25,903           -5.2%
    -------------------------------------------------------------------------
    Blackmont assets under
     administration                        0           9,065             n/a
    -------------------------------------------------------------------------
    TOTAL assets under
     administration                  $27,319         $34,968           28.0%
    -------------------------------------------------------------------------
    CI other fee-earning assets        1,761           1,662           -5.6%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS         $91,817        $103,815           13.1%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    EQUITY                    December 31/06  December 31/07        % Change
    -------------------------------------------------------------------------
    Outstanding units            280,132,687     286,152,334            2.1%
    -------------------------------------------------------------------------
    In-the-money options           4,539,300       2,680,842          -40.9%
    -------------------------------------------------------------------------
    Percentage of all units             1.6%            1.0%             n/a
    -------------------------------------------------------------------------
    Net debt (millions)                 $539            $796           47.7%
    -------------------------------------------------------------------------
    Unit price                        $26.72          $28.07            5.1%
    -------------------------------------------------------------------------
    Yield                               8.1%            8.1%             n/a
    -------------------------------------------------------------------------
    Distributions paid/unit           $1.425          $2.200           54.4%
    -------------------------------------------------------------------------
    Total return                       12.4%           13.8%             n/a
    -------------------------------------------------------------------------

    (*)  Includes United Financial investment funds.
    

    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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