CI Financial reports total assets of $369.8 billion for March 2022

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All financial amounts in Canadian dollars, unless otherwise indicated.

TORONTO—CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX) today announced preliminary assets under management as of March 31, 2022 of $145.0 billion and wealth management assets of $224.7 billion, for total assets of $369.8 billion.

CI also announced preliminary net sales results for its asset management business for the first quarter of 2022. Overall, CI recorded net redemptions of $1.2 billion, with Canadian retail sales accounting for $0.9 billion in releases.

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“We continued to advance our business strategy in the first quarter,” said Kurt MacAlpine, CEO of CI. “In the area of ​​US wealth management, accomplishments included agreements to acquire two registered investment advisers that will add approximately $20.7 billion in client assets to CI Private Wealth. In the Canadian wealth management sector, we agreed to acquire Northwood Family Office Ltd., the country’s largest multi-family office, in a transaction that closed in early April. Northwood brings significant capabilities to serve the ultra-high net worth market.

“However, the spike in market volatility contributed to outflows from our asset management business,” MacAlpine said. “In the Canadian retail segment, our mutual fund flows improved significantly in the first quarter of 2021, with net redemptions declining by more than 50%. Our ETFs saw exits, primarily due to two thematic ETFs, the Gold Bullion and Ethereum mandates. Thematic ETFs generally tend to show more volatility in their feeds. Several ETFs and fixed income funds also saw redemptions as investors reacted to the sharp rise in interest rates.

CI FINANCIAL CORPORATION

March 31, 2022

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

END OF ASSETS

March

2022

February

2022

% Switch

March

2021

% Switch

Main assets under management (Canada and Australia) (1)

$136.3

$136.7

-0.3%

$132.6

2.8%

US assets under management (2)

$8.8

$8.7

1.1%

$5.9

49.2%

Total assets under management

$145.0

$145.4

-0.3%

$138.5

4.7%

Canadian Wealth Management

$79.0

$78.5

0.6%

$71.1

11.1%

Wealth management in the United States (2)

$145.8

$146.2

-0.3%

$31.0

370.3%

Total Wealth Management

$224.7

$224.7

0.0%

$102.1

120.1%

TOTAL

$369.8

$370.2

-0.1%

$240.6

53.7%

BASIC AVERAGE ASSETS

March

2022

February

2022

December

2021

Tax
2021

% Switch

Monthly average

$135.7

$138.3

-1.9%

Quarterly average

$138.2

$143.0

-3.4%

Average since the beginning of the year

$138.2

$137.9

0.2%

(1)

Includes $34.5 billion in assets managed by CI and held by clients of advisors with Assante, CIPC and Aligned Capital as of March 31, 2022 ($34.7 billion as of February 28, 2022 and $32.7 billion as of March 31, 2021).

(2)

Month-end USD/CAD exchange rates of 1.2505, 1.2675, and 1.2562 for March 2022, February 2022, and March 2021, respectively.

PRELIMINARY NET SALES RESULTS FOR THE QUARTER (in billions of Canadian dollars)

Asset management sector

1Q22

4Q21

3Q21

2Q21

1T21

Retail in Canada

($0.9)

$0.1

$0.7

$0.5

($0.6)

Canadian Institutional

($0.3)

($0.3)

($0.1)

($0.4)

($0.4)

Australian Asset Management

($0.3)

$0.1

$0.2

$(0.0)

$0.0

Asset Management in the United States

$0.4

$0.3

$0.2

$0.4

$0.3

Company closed

($0.2)

($0.2)

($0.1)

$(0.2)

($0.2)

TOTAL

($1.2)

($0.0)

$0.8

$0.4

($0.9)

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About CI Financial

CI Financial Corp. is an integrated global wealth and asset management company. CI’s principal asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it does its wealth management business in Canada through CI Assante Wealth Management (Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP, Aligned Capital Partners Inc., Northwood Family Office Ltd., CI Direct Investing (WealthBar Financial Services Inc.) and CI Investment Services Inc.

CI’s US wealth management businesses include Barrett Asset Management, LLC, Balasa Dinverno Foltz LLC, Bowling Portfolio Management LLC, Brightworth, LLC, BRR OpCo, LLC (Budros, Ruhlin & Roe), The Cabana Group, LLC , CPWM, LLC (Columbia Pacifica Wealth Management), 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, RH 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 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 condition. Forward-looking statements are generally identified by words such as “believe”, “expect”, “anticipate”, “plan”, “anticipate”, “intend”, “estimate”, “objective”, “plan” and “project” and similar references to future time 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 management’s control. Although management believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, these statements involve risks and uncertainties. Important factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that all pending acquisitions will be completed, 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 currency exchange rates, global financial markets, changes in government regulations or tax laws, industry competition, technological developments and other factors described or discussed in CI’s disclosure documents filed with applicable securities regulatory 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 any forward-looking statements. Except as specifically required by applicable law, CI undertakes no obligation to update or change any forward-looking statement after the date 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/20220428006396/en/

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contacts

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

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

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Marianne R. Winn