North American wealth management assets
reach $146.5 billion
All financial amounts in Canadian dollars unless stated
otherwise.
CI Financial Corp.
(“CI”) (TSX: CIX, NYSE: CIXX)
today reported preliminary assets under management as at April 30,
2021 of $141.0 billion and wealth management assets of $146.5
billion, for total assets of $287.5 billion. These represent CI’s
highest-ever month-end levels for wealth management assets and
total assets.
The results reflect organic growth and the continued expansion
of CI’s wealth management platform. This is also the first time in
CI’s history that its wealth management assets have exceeded its
assets under management.
On April 30, 2021, CI completed the previously announced
acquisitions of three U.S. registered investment advisor (“RIA”)
firms, adding $39.4 billion in assets to CI and more than doubling
its U.S. assets. They included: Segall Bryant & Hamill, LLC
(“SBH”) of Chicago, which has $30 billion in assets in wealth
management and a robust institutional asset management business;
Brightworth, LLC of Atlanta, a wealth manager with $6.1 billion in
assets; and Barrett Asset Management, LLC of New York, a private
wealth firm overseeing $3.3 billion. (All of these firms’ assets
are included under U.S. wealth management assets.)
Also on April 30, 2021, Congress Wealth Management, LLC (“CWM”)
acquired Pinnacle Advisory Group, Inc. of Columbia, MD. CI holds a
strategic ownership stake in CWM and financially supported the
acquisition.
With these transactions, CI has made 17 acquisitions (including
acquisitions by RIA affiliates) since it entered the U.S. wealth
management sector in January 2020. Earlier this month, CI also
reached an agreement to acquire Dowling & Yahnke, LLC of San
Diego, an RIA that manages $6.3 billion (as at March 31, 2021).
That acquisition is expected to close later this quarter.
As a result, CI’s total assets, at $287.5 billion as at April
30, 2021, increased by $46.9 billion or 19.5% over the month and by
$120.9 billion or 72.6% year over year.
Total wealth management assets were up by $44.4 billion or 43.5%
during the month of April and increased by $98.8 billion or 207.1%
from April 30, 2020. U.S. wealth management assets at $73.9 billion
increased by $42.9 billion in April and compare to assets of $0.5
billion one year ago.
Canadian wealth management
assets were $72.6 billion at April 30, 2021, representing a gain of
2.1% for the month and 53.8% or $25.4 billion since April 30, 2020.
Canadian wealth management assets consist of the assets of CI
Assante Wealth Management, Aligned Capital Partners Inc., CI
Private Counsel LP, CI Direct Investing and Virtual
Brokers.
CI’s total assets under management were $141.0 billion,
representing growth of 1.8% in April and $22.1 billion or 18.6%
from a year ago. CI’s U.S. asset management business, which
consists of certain assets managed by its U.S. RIAs, had $5.9
billion under management, unchanged from the prior month-end.
Core assets under management, which are those managed by CI’s
Canadian and Australian subsidiaries, were up 1.9% in April and
13.6% year over year to $135.1 billion. Core average assets under
management for the first quarter-to-date were $135.2 billion, a
2.7% increase from the average of $131.6 billion for the first
quarter of 2021.
Further information about CI’s assets and financial position can
be found below in the tables of statistics and on
www.cifinancial.com.
CI FINANCIAL CORP.
April 30, 2021
PRELIMINARY MONTH-END
STATISTICS
ENDING
ASSETS
Apr. 30/21
(billions)
Mar. 31/21
(billions)
%
Change
Apr. 30/20
(billions)
%
Change
Core assets under management (Canada
and Australia)1
$135.1
$132.6
1.9%
$118.9
13.6%
U.S. assets under management
$5.9
$5.9
-%
$-
n/a
Total assets under management
$141.0
$138.5
1.8%
$118.9
18.6%
Canadian
wealth management
$72.6
$71.1
2.1%
$47.2
53.8%
U.S. wealth
management
$73.9
$31.0
138.4%
$0.5
14680.0%
Total
wealth management
$146.5
$102.1
43.5%
$47.7
207.1%
TOTAL
$287.5
$240.6
19.5%
$166.6
72.6%
MONTHLY CORE AVERAGE
ASSETS UNDER MANAGEMENT
Apr. 30/21
(billions)
Mar. 31/21
(billions)
%
Change
Monthly average
$135.2
$132.3
2.2%
FISCAL QUARTER CORE AVERAGE
ASSETS UNDER MANAGEMENT
Apr. 30/21
(billions)
Mar. 31/21
(billions)
%
Change
Fiscal quarter average
$135.2
$131.6
2.7%
FISCAL YEAR CORE AVERAGE
ASSETS UNDER MANAGEMENT
Fiscal 2021
(billions)
Fiscal 2020
(billions)
%
Change
Fiscal year average
$132.5
$124.1
6.8%
EQUITY
(millions)
Total
outstanding shares (TSX)
206.5
QTD weighted avg. shares
203.8
FINANCIAL POSITION
(millions)
Gross
debt
$2,408
Cash
$141
- Includes $33.5 billion of assets managed by CI and held by
clients of advisors with Assante, CIPC and Aligned Capital as at
April 30, 2021 ($32.7 billion at March 31, 2021 and $26.9 billion
at April 30, 2020).
About CI Financial
CI Financial Corp. is an independent company offering global
asset management and wealth management advisory services. CI’s
primary asset management businesses are CI Global Asset Management
(CI Investments Inc.) and GSFM Pty Ltd., and it operates in
Canadian wealth management through CI Assante Wealth Management
(Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP,
Aligned Capital Partners Inc., CI Direct Investing (WealthBar
Financial Services Inc.), and CI Investment Services Inc.
CI’s U.S. wealth management businesses consist of Barrett Asset
Management, LLC, BDF LLC, Bowling Portfolio Management LLC,
Brightworth, LLC, The Cabana Group, LLC, Congress Wealth
Management, LLC, Doyle Wealth Management, LLC, One Capital
Management, LLC, The Roosevelt Investment Group, LLC, RGT Wealth
Advisors, LLC, Segall, Bryant & Hamill, LLC, Stavis & Cohen
Private Wealth, LLC and Surevest LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the
New York Stock Exchange under CIXX. Further information is
available at www.cifinancial.com.
This press release contains forward-looking statements
concerning anticipated future events, results, circumstances,
performance or expectations with respect to CI Financial Corp.
(“CI”) and its products and services, including its business
operations, strategy and financial performance and condition.
Forward-looking statements are typically identified by words such
as “believe”, “expect”, “foresee”, “forecast”, “anticipate”,
“intend”, “estimate”, “goal”, “plan” and “project” and similar
references to future periods, or conditional verbs such as “will”,
“may”, “should”, “could” or “would”. These statements are not
historical facts but instead represent management beliefs regarding
future events, many of which by their nature are inherently
uncertain and beyond management’s control. Although management
believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, such statements
involve risks and uncertainties. The material factors and
assumptions applied in reaching the conclusions contained in these
forward-looking statements include that the acquisition of Dowling
& Yahnke, LLC will be completed and their asset levels will
remain stable, that the investment fund industry will remain stable
and that interest rates will remain relatively stable. Factors that
could cause actual results to differ materially from expectations
include, among other things, general economic and market
conditions, including interest and foreign exchange rates, global
financial markets, changes in government regulations or in tax
laws, industry competition, technological developments and other
factors described or discussed in CI’s disclosure materials filed
with applicable securities regulatory authorities from time to
time. The foregoing list is not exhaustive and the reader is
cautioned to consider these and other factors carefully and not to
place undue reliance on forward- looking statements. Other than as
specifically required by applicable law, CI undertakes no
obligation to update or alter any forward-looking statement after
the date on which it is made, whether to reflect new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210526005245/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Communications 416-681-3254 moxby@ci.com United States Trevor
Davis, Gregory FCA for CI Financial 610-415-1145
cifinancial@gregoryfca.com
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