- Net flows in asset management reach highest level in six
years
- Wealth management assets up $135.5 billion or 140%
- U.S. becomes CI’s largest business unit by assets
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 December 31, 2021 of $152.1 billion and wealth management assets
of $232.0 billion, for total assets of $384.1 billion.
In December, CI completed the previously
announced acquisitions of registered investment advisor firms CPWM,
LLC of Seattle (which does business as Columbia Pacific Wealth
Management), Gofen & Glossberg, LLC of Chicago, RegentAtlantic
Capital, LLC of Morristown, N.J., and R.H. Bluestein & Co. of
Birmingham, Mich., and completed minority investments in
alternative investment firms Columbia Pacific Advisors, LLC of
Seattle and GLAS Funds, LLC of Cleveland. The six firms manage
combined assets of approximately $39.4 billion.
CI also
reported preliminary net sales results for its asset management
businesses. Overall net sales in the fourth quarter of 2021 were
flat, with net sales for the year reaching $0.3 billion. As a
result, 2021 was the first year of positive net sales since 2015.
In comparison, CI had total net redemptions of $8.8 billion in
2020. CI’s Canadian retail business recorded net sales of $0.8
billion in 2021, versus net redemptions of $4.9 billion for the
prior year.
“CI had a tremendous year with our total assets growing by more
than $152 billion or 66%, due to acquisitions, strong organic
growth across our wealth management business, and a significant
improvement in asset management flows,” said Kurt MacAlpine, CI
Chief Executive Officer.
“We continued to execute well across the organization on our
strategic priorities of modernizing asset management, expanding
wealth management and globalizing our company. In the U.S., we
added 15 registered investment advisors to our network during the
year and completed minority investments in two alternative
investment firms, making our U.S. operations our largest line of
business by assets. We now have 23 exceptional RIAs across the U.S.
and we see continued momentum and growth as we work to build the
country’s leading private wealth platform serving high-net-worth
and ultra-high-net-worth clients.
“In asset management, we achieved positive annual net flows for
the first time in six years. These results reflect the many changes
we have made to transform that business and the impressive
improvements in overall investment performance.”
CI FINANCIAL CORP.
December 31, 2021 PRELIMINARY MONTH-END ASSETS (C$
Billions)
ENDING ASSETS
December
2021
November 2021
% Change
December
2020
% Change
Core assets under management (Canada and
Australia) (1)
$144.2
$141.8
1.7%
$129.6
11.3%
U.S. assets under management
$7.9
$7.7
2.6%
$5.5
43.6%
Total assets under management
$152.1
$149.5
1.7%
$135.1
12.6%
Canadian wealth management
$80.6
$78.6
2.5%
$67.3
19.8%
U.S. wealth management
$151.3
$110.1
37.4%
$29.2
418.2%
Total wealth management
$232.0
$188.7
22.9%
$96.5
140.4%
TOTAL
$384.1
$338.2
13.6%
$231.6
65.8%
CORE AVERAGE AUM
December
2021
November 2021
September 2021
Fiscal 2020
% Change
Monthly average
$143.3
$144.6
--
--
-0.9%
Quarter to date average
$143.0
--
$141.1
--
1.3%
Year to date average
$137.9
--
--
$124.1
11.1%
(1)
Includes $36.2 billion of assets managed by CI and held by
clients of advisors with Assante, CIPC and Aligned Capital as at
December 31, 2021 ($35.3 billion at November 30, 2021 and $32.6
billion at December 31, 2020).
PRELIMINARY QUARTER-END NET
SALES RESULTS (C$ billions)
Asset Management Segment
4Q21
3Q21
2Q21
1Q21
4Q20
Canadian retail
$0.1
$0.7
$0.5
($0.6)
($1.3)
Canadian institutional
($0.3)
($0.1)
($0.4)
($0.4)
($0.9)
Australian asset management
$0.1
$0.2
$(0.0)
$0.0
($0.0)
U.S. asset management
$0.3
$0.2
$0.4
$0.3
$0.3
Closed business
($0.2)
($0.1)
$(0.2)
($0.2)
($0.2)
TOTAL
($0.0)
$0.8
$0.4
($0.9)
($2.1)
About CI Financial
CI Financial Corp. is an integrated global, wealth and asset
management company. 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, Balasa Dinverno Foltz LLC, BRR OpCo, LLC, Bowling
Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC,
CPWM, LLC, Congress Wealth Management LLC, Dowling & Yahnke,
LLC, Doyle Wealth Management, LLC, Gofen & Glossberg, LLC,
Matrix Capital Advisors, LLC, McCutchen Group LLC, OCM Capital
Partners, LLC, Portola Partners Group LLC, Radnor Financial
Advisors, LLC, RegentAtlantic Capital, LLC, The Roosevelt
Investment Group, LLC, RGT Wealth Advisors, LLC, R.H. Bluestein
& Co., 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/20220121005457/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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