CI Financial reports sales and assets for June
TSX Symbol: CIX
TORONTO, July 5 /CNW/ - CI Financial Corp. ("CI") today reported gross retail sales of $741 million and net sales of $24 million for the month of June. Assets under management at June 30, 2010 were $64.6 billion.
Net sales consisted of $36 million in net sales of long-term funds and $12 million in net redemptions in money market funds. For the year-to-date, CI had gross retail sales of $5.4 billion and net sales of $1.0 billion.
Total fee-earning assets at June 30, 2010 were $85.6 billion, down 2.1% during the month. Assets under management consisted of retail investment funds at CI Investments Inc. of $61.3 billion and institutional assets of $3.4 billion. CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $20.3 billion, and other fee-earning assets of $631 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.
June 30, 2010
MONTH-END STATISTICS
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MONTHLY SALES DATA GROSS SALES REDEMPTIONS NET SALES
RETAIL MANAGED FUNDS (millions) (millions) (millions)
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Long-term funds $670 $634 $36
Short-term funds $71 $83 -$12
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TOTAL RETAIL FUNDS $741 $717 $24
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FEE-EARNING ASSETS May 31/10 June 30/10 %
(millions) (millions) Change
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Retail assets under management $62,626 $61,264 -2.2%
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Institutional managed assets 3,352 3,370 0.5%
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TOTAL assets under management $65,978 $64,634 -2.0%
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Assante assets under
administration* 20,839 20,321 -2.5%
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CI other fee-earning assets 638 631 -1.1%
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TOTAL FEE-EARNING ASSETS $87,455 $85,586 -2.1%
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MONTHLY AVERAGE RETAIL May 31/10 June 30/10 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Monthly average retail assets $63,083 $62,498 -0.9%
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QUARTERLY AVERAGE RETAIL March 31/10 June 30/10 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Quarterly average retail assets $62,849 $63,515 1.1%
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FISCAL AVERAGE RETAIL Fiscal 2009 Fiscal 2010 %
ASSETS UNDER MANAGEMENT (millions) (millions) Change
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Fiscal year average retail assets $55,430 $63,183 14.0%
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EQUITY FINANCIAL POSITION
(millions)
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Total outstanding
shares 288,079,852 Debt Outstanding $670
QTD weighted avg.
shares 289,662,141 Cash and marketable securities (46)
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Yield at $17.80 4.4% Net debt outstanding $624
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In-the-money options 4,250,665
Percentage of all
options 61% Terminal redemption value of funds $802
All options % of shares 2.4% Quarter-to-date equity-based
compensation(xx) ($8)
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* Includes CI Investments 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
($21.50) to June 30, 2010 ($17.80).
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ESTIMATED GEOGRAPHIC EXPOSURE OF AUM
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Canada 52% Asia 3%
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United States 24% Other 3%
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Europe 9% Cash 9%
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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, 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.
For further information: Stephen A. MacPhail, President, CI Financial Corp., (416) 364-1145
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