CI Financial reports sales and assets for February



    TSX Symbol: CIX.UN

    TORONTO, March 1 /CNW/ - CI Financial Income Fund ("CI") today reported
assets under management of $63.8 billion and total fee-earning assets of
$83.4 billion at February 28, 2007. During February, CI recorded gross sales
of $1.3 billion and net sales of $411 million.
    "February was a solid month for sales and the results were in line with
our expectations and with last year's totals," said Stephen A. MacPhail,
President and Chief Operating Officer. He noted that for the year-to-date, CI
has posted gross sales of $2.4 billion and net sales of $605 million.
    CI's assets increased slightly month over month to reach record levels
for month-end assets under management and fee-earning assets. On a
year-over-year basis, assets under management increased 13.9% and fee-earning
assets were up 13.2%.
    CI Investments Inc. had gross sales of $1.1 billion and net sales of
$357 million in February, comprised of $304 million in net sales of long-term
funds and $53 million of money market funds. United Financial Corporation had
gross sales of $201 million and net sales of $54 million.
    CI's assets under management at February 28, 2007 consisted of investment
fund assets at CI Investments and United Financial of $62.8 billion and
structured products/closed-end funds of $934 million. CI's administered/other
assets of $19.6 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
Management Inc. (net of assets under management at United Financial), which
generate fees for those companies.
    Also in February, Morningstar Canada announced that CI Investments
continued to lead the industry with 48 mutual and segregated funds holding the
top five-star rating at January 31, 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
                              FEBRUARY 28, 2007
                             MONTH-END STATISTICS
    -------------------------------------------------------------------------
    MONTHLY SALES DATA         GROSS SALES        REDEMPTIONS       NET SALES
                               (millions)         (millions)       (millions)
    -------------------------------------------------------------------------
    CI funds excluding MMF          $967               $663             $304
    CI money market                  118                 65               53
    -------------------------------------------------------------------------
    TOTAL CI Investments          $1,085               $728             $357
    -------------------------------------------------------------------------
    TOTAL United Financial          $201               $147              $54
    -------------------------------------------------------------------------
    TOTAL CI                      $1,286               $875             $411
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    FEE-EARNING ASSETS        January 31/07      February 28/07          %
                               (millions)         (millions)           Change
    -------------------------------------------------------------------------
    CI mutual/segregated funds   $52,701            $52,739             0.1%
    United Financial funds        10,097             10,107             0.1%
    -------------------------------------------------------------------------
                                 $62,798            $62,846             0.1%
    -------------------------------------------------------------------------
    Structured products/
     closed-end funds                931                934             0.3%
    -------------------------------------------------------------------------
    TOTAL assets under
     management                  $63,729            $63,780             0.1%
    -------------------------------------------------------------------------
    CI administered/
     other assets                  1,783              1,816             1.9%
    -------------------------------------------------------------------------
    Assante/IQON assets
     under administration
     (net of United funds)        17,823             17,823             0.0%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS     $83,335            $83,419             0.1%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    AVERAGE ASSETS UNDER      January 31/07      February 28/07          %
    MANAGEMENT                 (millions)         (millions)           Change
    -------------------------------------------------------------------------
    Monthly                      $62,743            $64,422             2.7%
    -------------------------------------------------------------------------
    Quarter-to-date              $62,743            $63,540             1.3%
    -------------------------------------------------------------------------
    Fiscal year-to-date          $62,743            $63,540             1.3%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    FISCAL AVERAGE ASSETS     Fiscal 2006(Dec.)  Fiscal 2007             %
    UNDER MANAGEMENT             (millions)      (millions)            Change
    -------------------------------------------------------------------------
    Fiscal year average assets   $58,735           $63,540              8.2%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    EQUITY                          FINANCIAL POSITION
                                   (millions unless otherwise indicated)
    -------------------------------------------------------------------------
    LP units        145,838,498     Bank debt                           $648
    Trust units     134,145,593     Cash & marketable securities         (41)
    Total                           -----------------------------------------
     outstanding
     units          279,984,091     Net debt outstanding                $607
    Quarter-to-date                 -----------------------------------------
     weighted
     average units
     outstanding    280,065,447     Net debt to annualized EBITDA
                                   (most recent quarter)              0.84:1
                                    -----------------------------------------
    Yield at $26.55        8.1%     In-the-money equity comp.
                                    liability (net of tax)               $30
    In-the-money
     options          4,400,450     Terminal redemption value of funds  $778
    Percentage of
     all options           100%     Quarter-to-date equity-based
                                    compensation(*)                       $1
    All options %
     of units              1.6%
    -------------------------------------------------------------------------

    (*)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 February 28, 2007 ($26.55).

    -------------------------------------------------------------------------
    GEOGRAPHIC EXPOSURE OF AUM
    -------------------------------------------------------------------------
    Canada                 47%      Asia                                  3%
    -------------------------------------------------------------------------
    United States          23%      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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