TSX Symbol: CIX
TORONTO, Dec. 15 /CNW/ - CI Financial Corp. ("CI") today announced that
it has completed its acquisition of Hartford Investments Canada Corp.
("Hartford Investments"), The Hartford's Canadian mutual funds
The transaction has boosted CI's assets under management to
approximately $72.1 billion and added 17 mutual funds, along with a
number of leading portfolio management teams.
"We are excited about the opportunities presented by the combined
strength of the two firms and the benefits for our clients," said Derek
Green, President of CI Investments Inc. "We intend to build on the
excellent relationships that Hartford Investments has established with
advisors and dealers by continuing to deliver strong value and support.
"Furthermore, Hartford Investments has outstanding managers, such as
Black Creek Investment Management and Greystone Managed Investments. We
look forward to working closely with these portfolio managers and
introducing them to the broader CI network."
"We are excited by the prospect of working with CI to bring our
investment capabilities to their advisor base," said Bill Kanko,
Founder and President of Black Creek Investment Management Inc. "Our
unique investment style and demonstrated track record fits nicely
within CI's lineup of funds, and our funds offer advisors and their
clients a compelling option for global equity management. We are
honoured to join CI's other award-winning managers in providing
investment solutions to clients."
CI intends to operate Hartford Investments Canada as a separate entity
under a new name, which will be announced in the new year. The firm's
mutual funds will continue with the Hartford brand name in the near
term and will be rebranded later in 2011. The acquisition was first
announced on October 21, 2010.
CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth
management company with approximately $91.3 billion in fee-earning
assets as of November 30, 2010. CI offers a broad range of investment
products and services, and is on the Web at www.ci.com/cix.
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
SOURCE CI Financial Corp.
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