CI Financial reports net sales of $243 million, asset growth of 2.7% in March
TSX Symbol: CIX
TORONTO, April 1 /CNW/ - CI Financial Corp. ("CI") today reported gross retail sales of $1.1 billion and net sales of $243 million for the month of March. Assets under management at March 31, 2010 were $68.1 billion, an increase of $1.8 billion or 2.7% over the month.
For March, net sales consisted of $213 million in net sales of long-term funds and $30 million in money market funds. For the year-to-date, CI had gross retail sales of $2.9 billion and net sales of $690 million.
"CI had a very successful quarter, with net sales of $690 million representing increases of 69% over the previous quarter and 287% over the first three months of 2009," said Stephen A. MacPhail, CI President. "Meanwhile, we have seen steady asset growth, with retail assets under management at the end of March up 5.3% from the average of the fourth quarter of last year."
Total fee-earning assets at March 31, 2010 were $90.5 billion, an increase of $2.3 billion or 2.7% during the month. Assets under management consisted of retail investment funds at CI Investments Inc. of $64.5 billion and institutional assets of $3.7 billion. CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $21.7 billion, and other fee-earning assets of $681 million.
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.
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CI FINANCIAL CORP.
March 31, 2010
MONTH-END STATISTICS
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MONTHLY SALES DATA
RETAIL MANAGED GROSS SALES REDEMPTIONS NET SALES
FUNDS (millions) (millions) (millions)
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Long-term funds $936 $723 $213
Short-term funds $146 $116 $30
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TOTAL RETAIL FUNDS $1,082 $839 $243
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FEE-EARNING ASSETS Feb. 28/10 Mar. 31/10
(millions) (millions) % Change
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Retail assets under management $62,483 $64,452 3.2%
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Institutional managed assets 3,832 3,676 -4.1%
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TOTAL assets under management $66,315 $68,128 2.7%
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Assante assets under
administration* 21,174 21,726 2.6%
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CI other fee-earning assets 706 681 -3.5%
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TOTAL FEE-EARNING ASSETS $88,195 $90,535 2.7%
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MONTHLY AVERAGE RETAIL ASSETS Feb. 28/10 Mar. 31/10
UNDER MANAGEMENT (millions) (millions) % Change
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Monthly average retail assets $61,755 $63,970 3.6%
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QUARTERLY AVERAGE RETAIL ASSETS Dec. 31/09 Mar. 31/10
UNDER MANAGEMENT (millions) (millions) % Change
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Quarterly average retail assets $61,186 $62,849 2.7%
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FISCAL AVERAGE RETAIL ASSETS Fiscal 2009 Fiscal 2010
UNDER MANAGEMENT (millions) (millions) % Change
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Fiscal year average retail
assets $55,430 $62,849 13.4%
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EQUITY FINANCIAL POSITION
(millions)
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Total outstanding
shares 291,189,816 Debt outstanding $657
QTD weighted avg.
shares 291,517,728 Cash and marketable securities (36)
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Yield at $21.50 3.3% Net debt outstanding $621
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In-the-money
options 7,277,390
Percentage of all
options 100% Terminal redemption value of funds $803
All options % of Quarter-to-date equity-based
shares 2.5% compensation(xx) $4
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* Includes CI and United Financial investment fund assets administered
by Assante advisors.
(xx) Estimate partially based on marked-to-market pre-tax option expense
accrual from change in share price and vesting from last quarter-end
($22.00) to March 31, 2010 ($21.50).
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ESTIMATED GEOGRAPHIC EXPOSURE OF AUM
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Canada 52% Asia 3%
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United States 22% Other 3%
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Europe 10% Cash 10%
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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: Stephen A. MacPhail, President, CI Financial Corp., (416) 364-1145
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