CI Financial responds to Scotiabank announcement
TORONTO, May 14, 2014 – CI Financial Corp. (“CI”) today issued a response to Scotiabank’s announcement that it is seeking to monetize its minority stake in CI.
CI is now considering the implications of the announcement and the impact it may have on CI’s other shareholders. As part of this, CI intends to review its capital structure and dividend policy to ensure that it has the appropriate resources available to respond to any monetization plan Scotiabank seeks to implement.
CI’s clients, business partners and shareholders can be assured that the bank’s decision has no impact on the management of CI or the strong fundamentals of its business. CI has been posting record gross sales and its best net sales in over a decade, with strong results across all distribution channels. CI has reached record asset levels with assets under management of $97.3 billion and total assets of $125.8 billion as at April 30, 2014.
“Scotiabank is entitled to dispose of their shares as they see fit. As always, CI will work in the interests of all of our shareholders and management will remain focused on the continued success of our business,” said William T. Holland, CI Chairman.
CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth management company with approximately $126 billion in assets as of April 30, 2014. 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.
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William T. Holland
CI Financial Corp.