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CI Financial reports sales and assets for November


News provided by

CI Financial Corp.

Dec 01, 2010, 18:21 ET

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TSX Symbol: CIX

TORONTO, Dec. 1 /CNW/ - CI Financial Corp. ("CI") today reported gross retail sales of $758 million and net redemptions of $28 million for the month of November. Assets under management increased by 0.6% over the month to $68.7 billion at November 30, 2010.

For the year-to-date, CI has posted gross retail sales of $9.1 billion and net sales of $1.2 billion.

CI's fee-earning assets at November 30, 2010 were $91.3 billion, an increase of 0.5% during the month. Assets under management consisted of retail investment funds of $67.6 billion and pooled assets of $1.0 billion. CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $22.0 billion, and other fee-earning assets of $594 million.

November was the third consecutive month of asset growth for CI, positioning the company for a strong finish to the year. The current retail assets under management of $67.6 billion represent an increase of 6.5% over the average asset level for the third quarter of 2010 and a 22.0% increase over the average retail assets under management for fiscal 2009. In addition, CI expects its acquisition of Hartford Investments Canada Corp., announced on October 21, 2010, to close later this month.

Additional information about CI's sales, assets and financial position can be found below in the tables of preliminary statistics and on its website, www.ci.com/cix, in the Statistics section. The sales and assets reported in this release are the only statistics authorized by CI and CI takes no responsibility for reporting by any external sources.

CI FINANCIAL CORP.
November 30, 2010
MONTH-END STATISTICS
MONTHLY SALES DATA
MANAGED FUNDS
GROSS SALES
(millions)
REDEMPTIONS
(millions)
NET SALES
(millions)
Long-term funds
Short-term funds
$692
$66
$720
$66
- $28
$0
TOTAL FUNDS $758 $786 - $28
       

FEE-EARNING ASSETS

Oct. 31/10
(millions)
Nov. 30/10 (millions) %
Change
Retail assets under management $67,172 $67,635 0.7%
Pooled assets 1,063 1,031 -3.0%

TOTAL assets under management

$68,235 $68,666 0.6%

Assante assets under administration*

22,015 22,017 0.0%
CI other fee-earning assets 604 594 -1.7%
TOTAL FEE-EARNING ASSETS $90,854 $91,277 0.5%
       
MONTHLY AVERAGE RETAIL
ASSETS UNDER MANAGEMENT
Oct. 31/10 (millions) Nov. 30/10 (millions) %
Change
Monthly average retail assets $66,631 $67,897 1.9%
       
QUARTERLY AVERAGE RETAIL ASSETS UNDER MANAGEMENT Sept. 30/10
(millions)
Nov. 30/10 (millions) %
Change
Quarterly average retail assets $63,528 $67,254 5.9%
       
FISCAL AVERAGE RETAIL
ASSETS UNDER MANAGEMENT
Fiscal 2009
(millions)
Fiscal 2010 (millions) %
Change
Fiscal year average retail assets $55,430 $64,022 15.5%
EQUITY

FINANCIAL POSITION
(millions)  

Total outstanding shares 287,298,578 Debt Outstanding $747
QTD weighted avg. shares 287,448,926 Cash and marketable securities (105)
Yield at $21.14 4.0% Net debt outstanding $642
In-the-money options 4,530,381    
Percentage of all options 70% Terminal redemption value of funds $801
All options % of shares 2.3%    

* Includes CI and United Financial investment fund assets administered by Assante advisors.

ESTIMATED GEOGRAPHIC EXPOSURE OF AUM
Canada       53% Asia        3%
United States       23% Other       4%
Europe       10% Cash        7%

CI Financial Corp. (TSX: CIX) 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.

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 and Chief Executive Officer
CI Financial Corp.
(416) 364-1145

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Organization Profile

CI Financial Corp.

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