CI’s Asset Management business delivers $800
million in net sales for its best quarter in over six years
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 September 30, 2021 of $146.6 billion and wealth
management assets of $173.8 billion, for total assets of $320.4
billion.
On September 30, 2021, CI
completed the previously announced acquisition of Portola Partners
Group LLC, a Menlo Park, California-based registered investment
advisor (“RIA”) focused on serving ultra-high-net-worth families.
The transaction added $6.7 billion to CI’s wealth management
assets. On October 1, 2021, CI completed the acquisition of Budros,
Ruhlin & Roe, Inc. (“BRR”), an RIA based in Columbus, Ohio,
with approximately $4.4 billion in assets. CI’s reported assets as
at September 30, 2021 do not include BRR.
CI also reported preliminary
net sales results for its asset management businesses for the third
quarter. CI had overall net sales of $0.8 billion, representing the
second consecutive quarter of positive net flows and CI’s best net
sales since the second quarter of 2015. CI’s net sales are now
positive for the year-to-date 2021.
“CI’s net flows continue to strengthen, reaching their highest
level in over six years,” said Kurt MacAlpine, CI Chief Executive
Officer. “This positive trend is led by our Canadian retail
operations, where the modernization of our business has had a
tremendous impact.
“The transformational changes we have made include moving from a
multi-boutique asset management structure to a fully integrated
global platform, completely revamping our sales and marketing
model, incorporating data analytics into sales and other
operations, and adopting a new, more robust approach to product
development that has resulted in the introduction of a series of
more relevant investment products. We believe these changes are
directly responsible for the turnaround in the performance and
sales of our Canadian Asset Management business.”
CI FINANCIAL CORP.
September 30, 2021
PRELIMINARY MONTH-END ASSETS
(C$ Billions)
ENDING ASSETS
September 2021
August 2021
% Change
September 2020
% Change
Core assets under management
(Canada and Australia) (1)
$139.4
$142.9
-2.4%
$123.6
12.8%
U.S. assets under management
$7.2
$7.2
-%
$4.7
53.2%
Total assets under management
$146.6
$150.1
-2.3%
$128.3
14.3%
Canadian wealth management
$76.9
$78.4
-1.9%
$51.2
50.2%
U.S. wealth management
$97.0
$92.1
5.3%
$14.9
551.0%
Total wealth management
$173.8
$170.5
1.9%
$66.1
162.9%
TOTAL
$320.4
$320.6
-0.1%
$194.4
64.8%
CORE AVERAGE AUM
September 2021
August 2021
June 2021
Fiscal 2020
% Change
Monthly average
$142.5
$141.5
--
--
0.7%
Quarter-to-date average
$141.1
--
$135.9
--
3.8%
Year-to-date average
$136.2
--
--
$124.1
9.8%
(1)
Includes $34.7 billion of assets managed
by CI and held by clients of advisors with Assante, CIPC and
Aligned Capital as at September 30, 2021 ($35.4 billion at August
31, 2021 and $28.9 billion at September 30, 2020).
PRELIMINARY QUARTER-END NET
SALES RESULTS (C$ billions)
Asset Management Segment
3Q21
2Q21
1Q21
4Q20
3Q20
Canada retail
$0.7
$0.5
($0.6
)
($1.3
)
($1.4
)
Canada institutional
($0.1
)
($0.4
)
($0.4
)
($0.9
)
($1.1
)
Australia
$0.2
$(0.0
)
$0.0
($0.0
)
$0.4
U.S.
$0.2
$0.4
$0.3
$0.3
$0.3
Closed business
($0.1
)
$(0.2
)
($0.2
)
($0.2
)
($0.2
)
TOTAL
$0.8
$0.4
($0.9
)
($2.1
)
($2.0
)
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, Budros, Ruhlin & Roe, Inc., 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, Portola
Partners Group LLC, Radnor Financial Advisors, 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/20211019005378/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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