CI Financial reports sales and assets for May
TSX Symbol: CIX
TORONTO, June 1 /CNW/ - CI Financial Corp. ("CI") today reported gross retail sales of $1.1 billion and net sales of $265 million for the month of May. Assets under management at May 31, 2010 were $66.0 billion.
Net sales consisted of $260 million in net sales of long-term funds and $5 million in money market funds. For the year-to-date, CI had gross retail sales of $4.7 billion and net sales of $998 million.
Total fee-earning assets at May 31, 2010 were $87.5 billion, down 3.6% during the month. Assets under management consisted of retail investment funds at CI Investments Inc. of $62.6 billion and institutional assets of $3.4 billion. CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $20.9 billion, and other fee-earning assets of $638 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.
May 31, 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 $995 $735 $260
Short-term funds $71 $66 $5
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TOTAL RETAIL FUNDS $1,066 $801 $265
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FEE-EARNING ASSETS Apr. 30/10 May 31/10 %
(millions) (millions) Change
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Retail assets under management $64,825 $62,633 -3.4%
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Institutional managed assets 3,721 3,352 -9.9%
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TOTAL assets under management $68,546 $65,985 -3.7%
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Assante assets under
administration* 21,578 20,864 -3.3%
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CI other fee-earning assets 666 638 -4.2%
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TOTAL FEE-EARNING ASSETS $90,790 $87,487 -3.6%
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MONTHLY AVERAGE RETAIL ASSETS Apr. 30/10 May 31/10 %
UNDER MANAGEMENT (millions) (millions) Change
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Monthly average retail assets $64,978 $63,083 -2.9%
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QUARTERLY AVERAGE RETAIL ASSETS Mar. 31/10 May 31/10 %
UNDER MANAGEMENT (millions) (millions) Change
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Quarterly average retail assets $62,849 $64,015 1.9%
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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 $63,320 14.2%
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EQUITY FINANCIAL POSITION
(millions)
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Total outstanding
shares 289,082,952 Debt Outstanding $665
QTD weighted avg.
shares 289,639,460 Cash and marketable securities (37)
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Yield at $18.48 4.2% Net debt outstanding $628
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In-the-money options 4,797,809
Percentage of all
options 69% Terminal redemption value of funds $802
All options % of Quarter-to-date equity-based
shares 2.4% compensation(xx) ($7)
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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
($21.50) to May 31, 2010 ($18.48).
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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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