Strongest net sales in nearly six years led
by $530 million in net flows in Canadian retail asset management;
assets exceed $300 billion for the first time
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 June 30, 2021 of $144.8 billion and wealth management assets of
$159.3 billion, for total assets of $304.0 billion.
On June 30, 2021, CI completed
the previously announced acquisition of Dowling & Yahnke, LLC,
adding $7.1 billion of wealth management assets.
CI also reported preliminary
net sales results for the second quarter. The results represented
CI’s first quarter of positive asset management segment net sales
since the third quarter of 2017 and the strongest quarterly result
since the third quarter of 2015.
“This is an exciting development for CI, having posted the best
quarter for net sales in our Canadian retail business since 2015,”
said Kurt MacAlpine, CI Chief Executive Officer. “We believe these
results reflect the many enhancements we have made over the last 18
months as part of our strategic priority to modernize our asset
management business. We are well positioned for continued sales
growth due to these changes, which include the development of an
integrated global investment platform, the introduction of timely
new products and other improvements to our product lineup, and a
new data-driven approach to marketing and distribution.”
CI FINANCIAL CORP.
June 30, 2021
PRELIMINARY MONTH-END ASSETS
(C$ Billions)
ENDING ASSETS
June 2021
May 2021
% Change
June 2020
% Change
Core assets under management (Canada and
Australia) (1)
$138.2
$136.1
1.5
%
$121.3
13.9
%
U.S. assets under management
$6.6
$6.1
8.2
%
$4.3
53.5
%
Total assets under management
$144.8
$142.1
1.9
%
$125.6
15.3
%
Canadian wealth management
$75.5
$73.4
2.9
%
$49.0
54.1
%
U.S. wealth management
$83.8
$72.8
15.1
%
$4.9
n/a
Total wealth management
$159.3
$146.2
9.0
%
$53.9
195.5
%
TOTAL
$304.0
$288.3
5.4
%
$179.5
69.4
%
CORE AVERAGE AUM
June 2021
May 2021
March 2021
2020
% Change
Monthly average
$137.5
$135.1
--
--
1.8%
Quarter to date average
$135.9
--
$131.6
--
3.3%
Year to date average
$133.8
--
--
$124.1
7.8%
(1) Includes $34.5 billion of assets managed by CI and held by
clients of advisors with Assante, CIPC and Aligned Capital as at
June 30, 2021 ($33.8 billion at May 31, 2021 and $27.9 billion at
June 30, 2020).
CI FINANCIAL CORP.
June 30, 2021
PRELIMINARY QUARTER-END NET
SALES RESULTS (C$ billions)
Asset Management Segment
2Q21
1Q21
4Q20
3Q20
2Q20
Canadian Retail
$0.5
($0.6)
($1.3)
($1.4)
($1.0)
Canadian Institutional
($0.4)
($0.4)
($0.9)
($1.1)
($0.8)
GSFM
$(0.0)
$0.0
($0.0)
$0.4
$0.0
U.S. RIAs
$0.4
$0.3
$0.3
$0.3
--
Closed Business
$(0.2)
($0.2)
($0.2)
($0.2)
($0.2)
TOTAL
$0.4
($0.9)
($2.1)
($2.0)
($1.9)
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, Dowling & Yahnke, 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 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/20210715005844/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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