CI Financial reports record assets under management

CI Financial reports record assets under management

TORONTO (April 1, 2014) – CI Financial Corp. (“CI”) today reported assets under management at March 31, 2014 of $96.4 billion, an all-time high for CI.

CI’s assets under management grew by $16.0 billion or 19.9% year over year and were up $1.3 billion or 1.4% for the month of March. Total assets were $124.8 billion at March 31, representing growth of $20.0 billion or 19.2% for the year and $1.6 billion or 1.3% in March. In comparison, the S&P/TSX Composite Total Return Index gained 16.0% over the year and 1.2% in March.

“Last year’s momentum has continued into the first quarter, with CI’s assets under management growing by $5.4 billion or 6% since year-end,” said Stephen A. MacPhail, CI President and Chief Executive Officer. “Our sales have been outstanding through this year’s RRSP season, as gross and net sales for the three months surpassed last year’s levels for the same period.”

CI’s average assets under management for the quarter ending March 31, 2014 were $93.5 billion, up $4.9 billion or 5.6% from the average for the fourth quarter of 2013 and up $10.2 billion or 12.2% from the average for fiscal 2013.

CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $28.3 billion at March 31, 2014, an increase of 16.9% year over year.

In other developments, CI Investments Inc. recently launched three income funds under the Marret name: Marret Short Duration High Yield Fund, Marret High Yield Bond Fund, and Marret Strategic Yield Fund. The funds provide monthly income through a regular distribution and their portfolios are managed by Marret Asset Management Inc. CI acquired a majority interest in Marret in December 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.

March 31, 2014

PRELIMINARY MONTH-END STATISTICS

ENDING ASSETS

Mar. 31/14

(millions)

Feb. 28/14

(millions)

%

Change

Mar. 31/13 (millions)

%

Change

Assets under management

$96,445

$95,113

1.4%

$80,471

19.9%

Assets under administration*

28,312

28,032

1.0%

24,222

16.9%

TOTAL

$124,757

$123,145

1.3%

$104,693

19.2%

MONTHLY AVERAGE

ASSETS UNDER MANAGEMENT

Mar. 31/14 (millions)

Feb. 28/14 (millions)

%

Change

Monthly average

$95,662

$93,006

2.9%

FISCAL QUARTER AVERAGE

ASSETS UNDER MANAGEMENT

Ending Mar. 31/14 (millions)

Ending Dec. 31/13 (millions)

%

Change

Fiscal quarter average

$93,488

$88,558

5.6%

FISCAL YEAR AVERAGE

ASSETS UNDER MANAGEMENT

Ending Mar. 31/14

 (millions)

Fiscal 2013

(millions)

%

Change

Fiscal year average

$93,488

$83,325

12.2%

EQUITY

 

FINANCIAL POSITION

(millions)       

Total outstanding shares

284,520,332

Debt outstanding

$500

QTD weighted avg. shares

284,615,785

Net debt outstanding

$337

Current Yield

3.3%

 

 

Potential share dilution from options

1,095,834

Terminal redemption value of funds

$745

All options % of shares

2.0%

 

 

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

ESTIMATED GEOGRAPHIC EXPOSURE OF AUM

Canada

44%

Asia

4%

United States

27%

Other

4%

Europe

14%

Cash

7%

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