TORONTO (November 12, 2020) − CI Financial Corp. (“CI”) (TSX: CIX) today reported preliminary assets under management at October 31, 2020 of $125.4 billion and wealth management assets of $77.0 billion, for total assets of $202.4 billion. These results represent all-time month-end highs for wealth management assets and total assets for CI.
CI’s assets under management declined by 2.3% in the month of October and 3.5% year over year. CI’s average core assets under management for the quarter-to-date were $123.9 billion, a slight decrease from $124.6 billion for the third quarter of 2020. Core assets under management are those managed by CI’s Canadian and Australian subsidiaries.
CI’s Canadian wealth management assets were $61.5 billion, representing an increase of $10.3 billion or 20.1% during October. The change largely reflects CI’s acquisition of a majority interest in Aligned Capital Partners Inc. of Burlington, Ontario. Year over year, Canadian wealth management assets were up $12.8 billion or 26.3%. Canadian wealth management assets also include the assets of Assante Wealth Management (Canada) Limited, CI Private Counsel LP, CI Direct Investing (WealthBar Financial Services Inc.) and Virtual Brokers.
U.S. wealth management assets increased by 4.0% to $15.5 billion in October. The increase is partially attributable to the acquisition of Thousand Oaks Financial Holding LLC of Thousand Oaks, California, by CI subsidiary OCM Capital Partners LLC, parent company of One Capital Management, LLC of Westlake Village, California. CI’s U.S. wealth management business also includes its interests in Balasa Dinverno Foltz LLC, The Cabana Group, LLC, Congress Wealth Management, LLC and Surevest LLC. Year-over-year comparisons are not available given that CI has acquired its U.S. wealth management businesses in 2020.
As a result, CI’s total wealth management assets reached a record $77.0 billion at October 31, 2020, representing an increase of $28.3 billion or 58.1% over the 12-month period.
Further information about CI’s assets and financial position can be found below in the tables of statistics. These are the only statistics authorized by CI, and CI takes no responsibility for reporting by any external sources.
|
CI FINANCIAL CORP.
October 31, 2020
PRELIMINARY MONTH-END STATISTICS
|
|
ENDING ASSETS
|
Oct. 31/20
(billions)
|
Sept. 30/20
(billions)
|
%
Change
|
Oct. 31/19
(billions)
|
%
Change
|
|
Core (Canadian and Australian)
assets under management*
|
$120.3
|
$123.6
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-2.7%
|
$130.0
|
-7.5%
|
|
U.S. assets under management
|
$5.1
|
$4.7
|
8.5%
|
$-
|
n/a
|
|
Total assets under management
|
$125.4
|
$128.3
|
-2.3%
|
$130.0
|
-3.5%
|
|
Canadian wealth management
|
$61.5
|
$51.2
|
20.1%
|
$48.7
|
26.3%
|
|
U.S. wealth management
|
$15.5
|
$14.9
|
4.0%
|
$-
|
n/a
|
|
Total wealth management
|
$77.0
|
$66.1
|
16.5%
|
$48.7
|
58.1%
|
|
TOTAL
|
$202.4
|
$194.4
|
4.1%
|
$178.7
|
13.3%
|
|
MONTHLY CORE AVERAGE
ASSETS UNDER MANAGEMENT
|
Oct. 31/20
(billions)
|
Sept. 30/20
(billions)
|
%
Change
|
|
Monthly average
|
$123.9
|
$124.4
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-0.4%
|
|
FISCAL QUARTER CORE AVERAGE
ASSETS UNDER MANAGEMENT
|
Oct. 31/20
(billions)
|
Sept. 30/20
(billions)
|
%
Change
|
|
Fiscal quarter average
|
$123.9
|
$124.6
|
-0.6%
|
|
FISCAL YEAR CORE AVERAGE
ASSETS UNDER MANAGEMENT
|
Fiscal 2020
(billions)
|
Fiscal 2019
(billions)
|
%
Change
|
|
Fiscal year average
|
$123.5
|
$129.8
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-4.9%
|
|
EQUITY
(millions)
|
|
Total outstanding shares (TSX)
|
210.5
|
QTD weighted avg. shares
|
209.6
|
|
FINANCIAL POSITION
(millions)
|
|
Long-term debt
|
$1,575
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Total gross debt
|
$1,969
|
|
December maturity
|
$394
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Cash
|
$136
|
*Includes $28.5 billion of assets managed by CI and held by clients of advisors with Assante and CIPC as at October 31, 2020 ($28.9 billion at September 31, 2020 and $28.1 billion at October 31, 2019).
About CI Financial
CI Financial Corp. (TSX: CIX) is an independent company offering global asset management and wealth management advisory services. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates in wealth management through Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.), CI Investment Services Inc., Balasa Dinverno Foltz LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, One Capital Management, LLC and Surevest LLC. Further information is available at www.cifinancial.com.
All financial amounts in Canadian dollars unless otherwise stated.
This press release contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and condition. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar references to future periods, or conditional verbs such as “will”, “may”, “should”, “could” or “would”. These statements are not historical facts but instead represent management 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 such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include 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, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI’s disclosure materials filed with applicable securities regulatory authorities from time to time. The foregoing list is not exhaustive and the reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward- looking statements. Other than as specifically required by applicable law, CI undertakes no obligation to update or alter any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.
Contact:
Investor Relations
Jason Weyeneth, CFA
Vice-President, Investor Relations & Strategy
(416) 681-8779 jweyeneth@ci.com
Media
Murray Oxby
Vice-President, Communications
(416) 681-3254 moxby@ci.com