CI Financial reports record asset levels

CI Financial reports record asset levels

TORONTO (June 3, 2014) – CI Financial Corp. (“CI”) today reported assets under management at May 31, 2014 of $98.2 billion and total assets of $126.9 billion. Both represent records for CI.

CI’s assets under management grew by $15.1 billion or 18.2% year over year and were up $890 million or 0.9% for the month of May, for the 11th consecutive month of asset growth. Total assets were up $19.0 billion or 17.6% for the year and $1.2 billion or 0.9% in May.

CI’s assets under management at May 31, 2014 of $98.2 billion were up $4.7 billion or 5.1% from the average assets under management for the first quarter of 2014 and up $14.9 billion or 17.9% from the average for fiscal 2013.

CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $28.6 billion at May 31, 2014, an increase of 15.5% year over year.

“May was another excellent month for CI,” said Stephen A. MacPhail, CI President and Chief Executive Officer. “Our net sales were at one of the highest monthly levels in CI’s history and our assets under management now exceed $98 billion. With our growing income and net debt declining to less than 30% of EBITDA, CI’s capacity for share buybacks, dividend growth and strategic investment opportunities has never been better.”

Also in May, CI Investments Inc. launched a new version of the innovative G5|20 Series – the G5|20i fund. G5|20i offers a diversified investment portfolio and guaranteed cash flows over 20 years, with the payout starting immediately. CI continues to offer the G5|20 fund that provides guaranteed cash flows over 20 years starting after a five-year accumulation period. In addition, both funds now offer locking-in features that may increase the guaranteed cash flow.

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.

May 31, 2014

PRELIMINARY MONTH-END STATISTICS

ENDING ASSETS

May 31/14(millions)

Apr 30/14(millions)

%Change

May 31/13 (millions)

%Change

Assets under management

$98,236

$97,346

0.9%

$83,089

18.2%

Assets under administration*

28,648

28,371

1.0%

24,808

15.5%

TOTAL

$126,884

$125,717

0.9%

$107,897

17.6%

MONTHLY AVERAGE
ASSETS UNDER MANAGEMENT
May 31/14                (millions) Apr 30/14 (millions) % Change
Monthly average $97,498 $96,613 0.9%
FISCAL QUARTER AVERAGE
ASSETS UNDER MANAGEMENT
Ending May 31/14 (millions) Ending Mar. 31/14 (millions) % Change
Fiscal quarter average $97,063 $93,488 3.8%
FISCAL YEAR AVERAGE
ASSETS UNDER MANAGEMENT
Ending May 31/14 (millions) Fiscal 2013(millions) % Change
Fiscal year average $94,932 $83,325 13.9%
EQUITY 

FINANCIAL POSITION

(millions)       

Total outstanding shares

284,548,288

Debt outstanding

$500

QTD weighted avg. shares

284,537,591

Net debt outstanding

$256

Current Yield

3.5%

 

 

Potential share dilution from options

1,036,110

Terminal redemption value of funds

$758

All options % of shares

2.0%

 

 

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

ESTIMATED GEOGRAPHIC EXPOSURE OF AUM

Canada

43%

Asia

4%

United States

27%

Other

5%

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

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the respective prospectuses of the CI Guaranteed Retirement Cash Flow Series funds before investing. Except as described below, mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Bank of Montreal guarantees that at least the original amount you paid for the fund unit will be paid back to you over a 20-year period in equal monthly instalments. This guarantee does not apply to units redeemed before the end of that period. You will receive the net asset value per unit for any unit redeemed early. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.