CI Financial reports net sales of $346 million, asset growth of 2.0% in
February
TSX Symbol: CIX
TORONTO, March 2 /CNW/ - CI Financial Corp. ("CI") today reported gross retail sales of $1.0 billion and net sales of $346 million for the month of February. Net sales consisted of $328 million in net sales of long-term funds and $18 million in money market funds.
For the year-to-date, CI had gross retail sales of $1.8 billion and net sales of $446 million.
Total fee-earning assets at February 28, 2010 were $88.2 billion, an increase of $1.6 billion or 1.8% over the month. Assets under management increased by $1.3 billion or 2.0% in February to $66.3 billion. At month's end, assets under management consisted of retail investment funds at CI Investments Inc. of $62.5 billion and institutional assets of $3.8 billion. CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $21.2 billion, and other fee-earning assets of $706 million.
Average retail assets under management for the year-to-date were $62.3 billion, an increase of 12.3% over average retail assets for fiscal 2009.
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.
February 28, 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 $920 $592 $328
Short-term funds $102 $84 $18
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TOTAL RETAIL FUNDS $1022 $676 $346
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FEE-EARNING ASSETS Jan. 31/10 Feb. 28/10
(millions) (millions) % Change
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Retail assets under management $61,146 $62,483 2.2%
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Institutional managed assets 3,869 3,832 -1.0%
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TOTAL assets under management $65,015 $66,315 2.0%
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Assante assets under
administration* 20,862 21,180 1.5%
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CI other fee-earning assets 727 706 -2.9%
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TOTAL FEE-EARNING ASSETS $86,604 $88,201 1.8%
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MONTHLY AVERAGE RETAIL ASSETS Jan. 31/10 Feb. 28/10
UNDER MANAGEMENT (millions) (millions) % Change
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Monthly average retail assets $62,716 $61,755 -1.5%
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QUARTERLY AVERAGE RETAIL ASSETS Dec. 31/09 Feb. 28/10
UNDER MANAGEMENT (millions) (millions) % Change
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Quarterly average retail assets $61,186 $62,260 1.8%
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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 $62,260 12.3%
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EQUITY FINANCIAL POSITION
(millions)
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Total outstanding
shares 291,545,114 Bank debt $672
QTD weighted avg.
shares 291,549,742 Cash and marketable securities (42)
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Yield at $20.90 3.4% Net debt outstanding $630
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In-the-money options 5,892,580 In-the-money option liability
(net of tax) $21
Percentage of all options 74% Terminal redemption value of funds $802
All options % of shares 2.7% Quarter-to-date equity-based
compensation(xx) ($1)
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* Includes CI 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 February 26, 2010 ($20.90)
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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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