CI Financial reports total assets of $ 320.4 billion for September 2021

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CI’s Asset Management Business Reports $ 800 Million Net Sales for Best Quarter in Over Six Years

All financial amounts in Canadian dollars, unless otherwise indicated.

TORONTO – CI Financial Corporation. (“CI”) (TSX: CIX, NYSE: CIXX) today announced preliminary assets under management as of September 30, 2021 of $ 146.6 billion and wealth management assets of $ 173.8 billion, for total assets of $ 320.4 billion of dollars.

On September 30, 2021, CI completed the previously announced acquisition of Portola Partners Group LLC, a Menlo Park, Calif., Registered investment advisor (“RIA”) focused on serving 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 of September 30, 2021 do not include the BRR.

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CI also announced preliminary net sales results from its asset management business for the third quarter. CI achieved overall net sales of $ 0.8 billion, which represents 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 beginning of the year 2021.

“CI’s net flows continue to strengthen, reaching their highest level in more than six years,” said Kurt MacAlpine, President and CEO of CI. “This positive trend is driven by our retail operations in Canada, where the modernization of our business has had a huge impact.

“The transformational changes we have made include the shift from a multi-store asset management structure to a fully integrated global platform, the complete overhaul of our sales and marketing model, the integration of the analysis of data in sales and other operations; and adoption of a new, more robust approach to product development which 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.

CORP. CI FINANCIAL.

September 30, 2021

END-OF-MONTH PRELIMINARY ASSETS (in billions of Canadian dollars)

FINAL ASSET

September
2021

August
2021

% Switch

September
2020

% Switch

Core assets under management

(Canada and Australia) (1)

$ 139.4

$ 142.9

-2.4%

$ 123.6

12.8%

US 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%

Wealth management in the United States

$ 97.0

$ 92.1

5.3%

$ 14.9

551.0%

Global asset management

$ 173.8

$ 170.5

1.9%

$ 66.1

162.9%

TOTAL

$ 320.4

$ 320.6

-0.1%

$ 194.4

64.8%

AUM BASIC MEANS

September
2021

August
2021

June
2021

Tax
2020

% Switch

Monthly average

$ 142.5

$ 141.5

0.7%

Quarterly average

$ 141.1

$ 135.9

3.8%

Average since the beginning of the year

$ 136.2

$ 124.1

9.8%

(1)

Includes $ 34.7 billion in assets managed by CI and held by advisor clients with Assante, CIPC and Aligned Capital as of September 30, 2021 ($ 35.4 billion as of August 31, 2021 and $ 28.9 billion as of September 30, 2020).

PRELIMINARY END OF QUARTER NET SALES RESULTS (in billions of Canadian dollars)

Asset management segment

3Q21

2Q21

1Q21

4Q20

3Q20

Retail in Canada

$ 0.7

$ 0.5

($ 0.6

)

($ 1.3

)

($ 1.4

)

Institutional Canada

($ 0.1

)

($ 0.4

)

($ 0.4

)

($ 0.9

)

($ 1.1

)

Australia

$ 0.2

$ (0.0

)

$ 0.0

($ 0.0

)

$ 0.4

we

$ 0.2

$ 0.4

$ 0.3

$ 0.3

$ 0.3

Closed company

($ 0.1

)

$ (0.2

)

($ 0.2

)

($ 0.2

)

($ 0.2

)

TOTAL

0.8 $

$ 0.4

($ 0.9

)

($ 2.1

)

($ 2.0

)

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About CI Financial

CI Financial Corp. is an independent company providing global asset management and wealth management advisory services. CI’s primary asset management firms are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd. Aligned Capital Partners Inc., CI Direct Investment (WealthBar Financial Services Inc.) and CI Investment Services Inc.

CI’s US wealth management businesses include 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. More information is available at www.cifinancial.com .

This press release contains forward-looking statements regarding anticipated future events, results, circumstances, performance or expectations regarding CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and conditions. Forward-looking statements are generally identified by words such as “believe”, “expect”, “expect”, “expect”, “anticipate”, “intend”, “estimate”, “objective”, “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 rather represent management’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of management. Although management believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, these statements involve risks and uncertainties. The main 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, but are not limited to, general economic and market conditions including interest and exchange rates, global financial markets, changes made government regulations or tax laws, competition in the industry, technological developments and other factors described or discussed in CI’s disclosure documents filed with the relevant securities authorities from time to time. The foregoing list is not exhaustive, and the reader is urged to carefully consider these and other factors and not to place undue reliance on forward-looking statements. Unless expressly required by applicable law, CI assumes no obligation to update or modify any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211019005378/en/

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Contacts

Investor Relations
Jason Weyeneth, CFA
Vice-President, Investor Relations and Strategy
416-681-8779
[email protected]

Media relations
Canada
Murray Oxby
Vice-President, Communications
416-681-3254
[email protected]

United States
Trevor Davis, Gregory FCA for CI Financial
610-415-1145
[email protected]

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Marianne R. Winn

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