CI Financial reports sales and assets for January



    TSX Symbol: CIX.UN

    TORONTO, Feb. 1 /CNW/ - CI Financial Income Fund ("CI") today reported
assets under management of $64.3 billion and total fee-earning assets of $99.2
billion as of January 31, 2008.
    "In spite of the high levels of volatility in global markets in January,
our core business remains solid," said Stephen A. MacPhail, CI President.
    "Gross sales of over $1 billion represent an increase over previous
months, and our newer initiatives in particular are selling well, including
T-Class funds and the SunWise Elite Plus Segregated Funds. In addition, the
Cambridge Funds, which feature the highly regarded portfolio manager Alan
Radlo, have been very well received and have gathered $40 million in assets
since their launch on January 7."
    During the month, CI had gross sales of $1.03 billion and net redemptions
of $490 million. The net redemptions were the result of transactions in
institutional accounts. First, an institutional client is reallocating
investments from CI mutual funds to CI pooled funds. That process resulted in
net redemptions of $165 million in assets that are expected to be reinvested
at CI in the coming months. Second, another $310 million in redemptions
related to several series of deposit notes, which use asset allocation
strategies in which money is moved out of the underlying funds when related
markets are declining.
    CI's assets under management at January 31, 2008 consisted of investment
funds and pools at CI Investments Inc. and United Financial Corporation of
$61.0 billion, institutional assets at KBSH Capital Management Inc. of
$2.9 billion and structured product assets of $514 million. CI also reported
assets under administration of $33.3 billion, which consisted of $24.6 billion
in assets under administration at Assante Wealth Management (Canada) Ltd., and
assets under administration at Blackmont Capital Inc. of $8.7 billion.
    The decline in assets under management during the month of 4.2% compares
with declines in the S&P/TSX Composite Index of 4.7%, the S&P 500 of 4.9% and
the MSCI World Index of 6.5% (all in Canadian dollars).
    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
                               January 31, 2008
                             MONTH-END STATISTICS
    -------------------------------------------------------------------------
    MONTHLY SALES DATA            GROSS SALES     REDEMPTIONS      NET SALES
    RETAIL MANAGED FUNDS            (millions)      (millions)     (millions)
    -------------------------------------------------------------------------
    Total long-term                      $899          $1,431          -$532
    Total short-term                     $129             $87            $42
    -------------------------------------------------------------------------
    TOTAL RETAIL FUNDS                 $1,028          $1,518          -$490
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                               December 31/07   January 31/08
    FEE-EARNING ASSETS              (millions)      (millions)      % Change
    -------------------------------------------------------------------------
    Retail managed funds              $63,626         $60,960          -4.2%
    -------------------------------------------------------------------------
    Structured products                   531             514          -3.2%
    -------------------------------------------------------------------------
    TOTAL retail assets under
     management                       $64,157         $61,474          -4.2%
    -------------------------------------------------------------------------
    Institutional managed assets        3,014           2,860          -5.1%
    -------------------------------------------------------------------------
    TOTAL assets under management     $67,171         $64,334          -4.2%
    -------------------------------------------------------------------------
    Assante assets under
     administration(*)                 25,658          24,580          -4.2%
    -------------------------------------------------------------------------
    Blackmont assets under
     administration                     9,129           8,749          -4.2%
    -------------------------------------------------------------------------
    TOTAL assets under
     administration                   $34,787         $33,329          -4.2%
    -------------------------------------------------------------------------
    CI other fee-earning assets         1,662           1,578          -5.1%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS         $103,620         $99,241          -4.2%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    AVERAGE RETAIL ASSETS      December 31/07   January 31/08
    UNDER MANAGEMENT                (millions)      (millions)      % Change
    -------------------------------------------------------------------------
    Monthly                           $64,339         $62,056          -3.5%
    Quarter-to-date                   $64,485         $62,056          -3.8%
    Fiscal year-to-date               $64,958         $62,056          -4.5%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    FISCAL AVERAGE RETAIL         Fiscal 2007     Fiscal 2008
    ASSETS UNDER MANAGEMENT         (millions)      (millions)      % Change
    -------------------------------------------------------------------------
    Fiscal year average retail
     assets                           $64,958         $62,056          -4.5%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                        FINANCIAL POSITION
    EQUITY                              (millions unless otherwise indicated)
    -------------------------------------------------------------------------
    LP units               146,746,732  Bank debt                       $999
    Trust units            139,407,272  Cash & marketable securities    (142)
    Total outstanding                   -------------------------------------
     units                 286,154,004  Net debt outstanding            $857
    Quarter-to-date                     -------------------------------------
     weighted average                   Net debt to annualized EBITDA
     units outstanding     280,697,397   (most recent quarter)        1.17:1
                                        -------------------------------------
    Yield at $21.70               8.8%  In-the-money equity comp.
    In-the-money options     2,577,205  liability (net of tax)           $18
    Percentage of all options      91%  Terminal redemption value of
    All options % of units        1.0%   funds                          $776
                                        Quarter-to-date equity-based
                                         compensation(xx)               -$15
    -------------------------------------------------------------------------
    (*)   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
          ($28.07) to January 31, 2008 ($21.70).

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