CI Financial reports sales and assets for July



    TSX Symbol: CIX.UN

    TORONTO, Aug. 1 /CNW/ - CI Financial Income Fund ("CI") today reported
gross sales of $945 million and net sales of $257 million for July 2007. For
the year-to-date, CI had gross sales of $7.3 billion and net sales of
$1.7 billion.
    At July 31, 2007, CI had assets under management of $68.7 billion and
total fee-earning assets of $97.2 billion, representing increases of 19% and
30%, respectively, over a year ago.
    CI's assets under management at July 31, 2007, consisted of investment
fund assets at CI Investments Inc. and United Financial Corporation of
$64.7 billion, structured products assets of $845 million and $3.2 billion of
institutional assets at KSBH Capital Management Inc. CI also reported other
assets of $28.5 billion, which includes $16.8 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 $9.9 billion, as well as institutional assets at Trilogy
Global Advisors, LLC that generate fees for CI.
    Meanwhile, Morningstar Canada announced in July that CI Investments
continued to lead the industry with 43 mutual and segregated funds holding the
top five-star rating at June 30, 2007.
    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
                                July 31, 2007
                             MONTH-END STATISTICS
    -------------------------------------------------------------------------
    MONTHLY SALES DATA            GROSS SALES      REDEMPTIONS     NET SALES
                                   (millions)      (millions)      (millions)
    -------------------------------------------------------------------------
    CI funds excluding MMF              $652            $482            $170
    CI money market                      103              53              50
    -------------------------------------------------------------------------
    TOTAL CI Investments                $755            $535            $220
    -------------------------------------------------------------------------
    TOTAL United Financial              $190            $153             $37
    -------------------------------------------------------------------------
    TOTAL CI                            $945            $688            $257
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    FEE-EARNING ASSETS             June 30/07      July 31/07            %
                                   (millions)      (millions)         Change
    -------------------------------------------------------------------------
    CI mutual/segregated funds       $55,470         $54,933           -1.0%
    United Financial funds             9,921           9,790           -1.3%
    -------------------------------------------------------------------------
                                     $65,391         $64,723           -1.0%
    -------------------------------------------------------------------------
    Structured products                  867             845           -2.5%
    -------------------------------------------------------------------------
    TOTAL retail assets
     under management                $66,258         $65,568           -1.0%
    -------------------------------------------------------------------------
    Institutional managed assets       3,242           3,174           -2.1%
    -------------------------------------------------------------------------
    TOTAL assets under management    $69,500         $68,742           -1.1%
    -------------------------------------------------------------------------
    CI administered/other assets       1,839           1,846            0.4%
    -------------------------------------------------------------------------
    Assante assets under
    administration
    (net of United funds)             16,778          16,778            0.0%
    -------------------------------------------------------------------------
    Blackmont assets
     under administration              9,993           9,869           -1.2%
    -------------------------------------------------------------------------
    TOTAL FEE-EARNING ASSETS         $98,110         $97,235           -0.9%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    AVERAGE RETAIL ASSETS          June 30/07      July 31/07            %
     UNDER MANAGEMENT              (millions)      (millions)         Change
    -------------------------------------------------------------------------
    Monthly                          $66,408         $66,706            0.4%
    Quarter-to-date                  $66,384         $66,706            0.5%
    Fiscal year-to-date              $65,053         $65,294            0.4%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                  Fiscal 2006
    FISCAL AVERAGE RETAIL            (Dec.)       Fiscal 2007           %
     ASSETS UNDER MANAGEMENT       (millions)      (millions)         Change
    -------------------------------------------------------------------------
    Fiscal year average
     retail assets                   $58,735         $65,294           11.2%
    -------------------------------------------------------------------------


    ----------------------------------- -------------------------------------
    EQUITY                              FINANCIAL POSITION
                                        (millions unless otherwise indicated)
    ----------------------------------- -------------------------------------
    LP units              146,938,513   Bank debt                       $782
    Trust units           139,335,664   Cash & marketable securities     (32)
    Total outstanding                   -------------------------------------
     units                286,274,177   Net debt outstanding            $750
    Quarter-to-date weighted            -------------------------------------
     average units
     outstanding          285,174,384   Net debt to annualized EBITDA 1.03:1
                                        (most recent quarter)
                                        -------------------------------------
    Yield at $27.86              7.8%   In-the-money equity comp.
                                         liability (net of tax)          $22
    In-the-money options    3,032,873   Terminal redemption value
                                         of funds                       $781
    Percentage of all options     91%   Quarter-to-date equity-based
                                         compensation(*)                  $3
    All options % of units       1.2%
    -------------------------------------------------------------------------
    (*) 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 July 31, 2007 ($27.86).


    -------------------------------------------------------------------------
    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. 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: Douglas Jamieson, Senior Vice-President and
Chief Financial Officer, (416) 364-1145


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