CI Financial reports sales and assets for September



    TSX Symbol: CIX.UN

    TORONTO, Oct. 1 /CNW/ - CI Financial Income Fund ("CI") today reported
assets under management of $69.0 billion and fee-earning assets of
$96.5 billion as of September 30, 2007. These totals represent increases over
a year ago of 18.4% and 26.8%, respectively.
    CI Investments Inc. had gross sales of $660 million during the month and
net sales of $134 million, including net sales of long-term funds of
$114 million. United Financial Corporation reported gross sales of
$142 million and net redemptions of $14 million. In total, CI had gross sales
of $802 million and net sales of $120 million in September. For the
year-to-date, CI reported gross sales of $8.9 billion and net sales of $1.6
billion.
    "CI posted excellent asset growth during the month as equity markets
recovered from their summer decline," said President Stephen A. MacPhail. "Our
retail sales have remained positive, even as the industry fell into net
redemptions in August."
    CI's assets under management at September 30, 2007 consisted of
investment fund assets at CI Investments and United Financial of
$64.8 billion, structured product assets of $727 million and $3.5 billion of
institutional assets at KBSH Capital Management Inc. CI also reported
administered and other assets of $27.5 billion, which included $16.4 billion
in assets under administration at Assante Wealth Management (Canada) Ltd. (net
of assets under management at United Financial), assets under administration
at Blackmont Capital Inc. of $9.4 billion, and institutional assets at Trilogy
Global Advisors, LLC that generate fees for CI.
    In other news, Morningstar Canada announced in September that CI
Investments had the industry's most mutual and segregated funds with its top
five-star rating at August 31, 2007, with 41.
    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
                             September 30, 2007
                             MONTH-END STATISTICS
    -------------------------------------------------------------------------
    MONTHLY SALES DATA        GROSS SALES       REDEMPTIONS        NET SALES
                               (millions)        (millions)        (millions)
    -------------------------------------------------------------------------
    CI funds excluding MMF          $560              $446              $114
    CI money market                  100                80                20
    -------------------------------------------------------------------------
    TOTAL CI Investments            $660              $526              $134
    -------------------------------------------------------------------------
    TOTAL United Financial          $142              $156              -$14
    -------------------------------------------------------------------------
    TOTAL CI                        $802              $682              $120
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
    FEE-EARNING ASSETS      August 31/07    September 30/07         % Change
                               (millions)        (millions)
    -------------------------------------------------------------------------
    CI mutual/segregated funds   $54,305           $55,050               1.4%
    United Financial funds         9,759             9,716              -0.4%
    -------------------------------------------------------------------------
                                 $64,064           $64,766               1.1%
    -------------------------------------------------------------------------
    Structured products              722               727               0.7%
    -------------------------------------------------------------------------
    TOTAL retail assets
     under management            $64,786           $65,493               1.1%
    -------------------------------------------------------------------------
    Institutional managed
     assets                        3,450             3,487               1.1%
    -------------------------------------------------------------------------
    TOTAL assets under
     management                  $68,236           $68,980               1.1%
    -------------------------------------------------------------------------
    CI administered/other
     assets                        1,712             1,703              -0.5%
    -------------------------------------------------------------------------
    Assante assets under
     administration (net of
     United funds)                16,427            16,427               0.0%
    -------------------------------------------------------------------------
    Blackmont assets under
     administration                9,122             9,359               2.6%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS     $95,497           $96,469               1.0%
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
    AVERAGE RETAIL ASSETS   August 31/07    September 30/07         % Change
    UNDER MANAGEMENT           (millions)        (millions)
    -------------------------------------------------------------------------
    Monthly                      $64,055           $64,961               1.4%
    Quarter-to-date              $65,381           $65,244              -0.2%
    Fiscal year-to-date          $65,136           $65,117               0.0%
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
    FISCAL AVERAGE RETAIL
    ASSETS UNDER MANAGEMENT  Fiscal 2006 (Dec.) Fiscal 2007         % Change
                               (millions)        (millions)
    -------------------------------------------------------------------------
    Fiscal year average
     retail assets               $58,735           $65,117              10.9%
    -------------------------------------------------------------------------



    -------------------------------- ----------------------------------------
    EQUITY                                       FINANCIAL POSITION
                                                  (millions unless
                                                 otherwise indicated)
    -------------------------------- ----------------------------------------
    LP units          146,863,376       Bank debt                       $826
    Trust units       139,410,801       Cash & marketable securities     (65)
                                        -------------------------------------
    Total outstanding
     units            286,274,177       Net debt outstanding            $761
                                        -------------------------------------
    Quarter-to-date
     weighted average
     units                              Net debt to annualized EBITDA
     outstanding      285,216,998       (most recent quarter)         0.97:1
                                        -------------------------------------
                                        In-the-money equity comp.
    Yield at $26.40           8.6%      liability (net of tax)           $16
    In-the-money                        Terminal redemption value
    options             2,865,689        of funds                       $782
    Percentage of all                   Quarter-to-date equity-based
     options                  89%        compensation(*)                 ($1)
    All options % of units   1.1%
    -------------------------------- ----------------------------------------

    (*)Based on marked-to-market pre-tax equity-based compensation expense
    accrual from change in unit price and vesting from last quarter-end
    ($27.10) to September 30, 2007 ($26.40).



    -------------------------------------------------------------------------
    GEOGRAPHIC EXPOSURE OF AUM
    -------------------------------------------------------------------------
    Canada                48%                        Asia                  4%
    -------------------------------------------------------------------------
    United States         22%                        Other                 3%
    -------------------------------------------------------------------------
    Europe                12%                        Cash                 11%
    -------------------------------------------------------------------------
    

    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 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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