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 business.
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 time.
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