CI Financial reports asset growth of 20% in 2013

CI Financial reports asset growth of 20% in 2013

TORONTO (January 3, 2014) – CI Financial Corp. (“CI”) today reported assets under management of $90.9 billion as of December 31, 2013, an all-time record for the firm.

CI’s assets under management grew by $15.2 billion or 20.1% during the year and by $1.3 billion or 1.4% in the month of December 2013. Total assets were $118.1 billion at December 31, 2013, representing growth of $19.1 billion or 19.3% in 2013 and $1.7 billion or 1.5% in the month of December. This level of total assets also represents a new high for CI. In comparison, the S&P/TSX Composite Total Return Index gained 13.0% over the year and 2.0% in December.

“Fiscal 2013 was one of the best years in the history of our company,” said Stephen A. MacPhail, President and Chief Executive Officer. “CI’s assets grew to record levels, driven by strong performance and a significant increase in sales. The strength in sales continued throughout the year, with CI posting the highest level of fourth quarter and December net sales in its retail funds since 1999.”

CI’s average assets under management for the fourth quarter of 2013 were $88.6 billion, an increase of $4.4 billion or 5.3% over the average for the third quarter of 2013. Average assets under management for 2013 were $83.3 billion, up $10.7 billion or 14.8% over the average for 2012.

Assets under administration at Assante Wealth Management (Canada) Ltd. were $27.1 billion at December 31, 2013, representing growth of $3.9 billion or 16.9% in 2013.

Additional information about CI’s assets and financial position can be found below in the tables of preliminary statistics and on its website, www.cifinancial.com, in the Statistics section. These are the only statistics authorized by CI and CI takes no responsibility for reporting by any external sources.

CI FINANCIAL CORP.

December 31, 2013

PRELIMINARY MONTH-END STATISTICS

ENDING ASSETS

Dec. 31/13

(millions)

Nov. 30/13

(millions)

%

Change

Dec. 31/12 (millions)

%

Change

Assets under management

$90,940

$89,655

1.4%

$75,723

20.1%

Assets under administration*

27,120

26,712

1.5%

23,199

16.9%

TOTAL

$118,060

$116,367

1.5%

$98,922

19.3%

MONTHLY AVERAGE
ASSETS UNDER MANAGEMENT
Dec. 31/13 (millions) Nov. 30/13 (millions) % Change
Monthly average $89,669 $88,991 0.8%
FISCAL QUARTER AVERAGE
ASSETS UNDER MANAGEMENT
Ending Dec. 31/13 (millions) Ending Sep. 30/13 (millions) % Change
Fiscal quarter average $88,557 $84,125 5.3%
FISCAL YEAR AVERAGE
ASSETS UNDER MANAGEMENT
Ending Dec. 31/13 (millions) Fiscal 2012 (millions) % Change
Fiscal year average $83,325 $72,606 14.8%
EQUITY 

FINANCIAL POSITION

(millions)       

Total outstanding shares

284,396,101

Debt outstanding

$500

QTD weighted avg. shares

284,096,992

Net debt outstanding

$336

Current Yield

3.3%

 

 

Potential share dilution from options

1,532,427

Terminal redemption value of funds

$756

All options % of shares

1.7%

 

 

* Includes CI and United Financial funds administered by Assante advisors.

ESTIMATED GEOGRAPHIC EXPOSURE OF AUM

Canada

46%

Asia

4%

United States

26%

Other

5%

Europe

13%

Cash

6%

CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth management company. CI offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.cifinancial.com.

For further information:

Stephen A. MacPhail
President and Chief Executive Officer
CI Financial Corp.
(416) 364-1145