CI Financial Corp.
(“CI”) (TSX: CIX, NYSE: CIXX)
today reported preliminary assets under management as at November
30, 2020 of $133.3 billion and wealth management assets of $82.3
billion, for total assets of $215.6 billion. These results
represent month-end record highs for wealth management assets and
total assets for CI.
CI’s assets under management increased by $7.7 billion or 6.1%
in the month of November and by 1.4% year-over-year. Core average
assets under management for the quarter-to-date were $125.1
billion, an increase of 0.4% over the third quarter of 2020. Core
assets under management are those managed by CI’s Canadian and
Australian subsidiaries.
CI’s total wealth management assets, at $82.3 billion, increased
by $5.3 billion or 6.9% in the month of November and by $32.4
billion or 64.9% from November 30, 2019. Canadian wealth management
assets grew to $65.7 billion, up $4.2 billion or 6.8% in November
and up $15.8 billion or 31.7% for the 12-month period. Canadian
wealth management assets include the assets of Assante Wealth
Management (Canada) Limited, Aligned Capital Partners Inc., CI
Private Counsel LP, CI Direct Investing (WealthBar Financial
Services Inc.) and Virtual Brokers.
U.S. wealth management assets
increased by 7.1% to $16.6 billion in November. The increase is
partially attributable to the previously announced acquisition of
Bowling Portfolio Management LLC of Cincinnati, which closed during
the month. CI’s U.S. wealth management business also includes its
interests in Balasa Dinverno Foltz LLC, The Cabana Group, LLC,
Congress Wealth Management, LLC, One Capital 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.
Further information about CI’s assets and financial position can
be found below in the tables of statistics and on its website,
www.cifinancial.com. These are the only statistics authorized by
CI, and CI takes no responsibility for reporting by any external
sources.
CI FINANCIAL CORP.
November 30, 2020
PRELIMINARY MONTH-END
STATISTICS
ENDING ASSETS
Nov. 30/20 (billions)
Oct. 31/20 (billions)
% Change
Nov. 30/19 (billions)
% Change
Core assets under management1
$127.9
$120.5
6.1%
$131.5
-2.7%
U.S. assets under management
$5.4
$5.1
5.9%
$-
n/a
Total assets under management
$133.3
$125.6
6.1%
$131.5
1.4%
Canadian wealth management
$65.7
$61.5
6.8%
$49.9
31.7%
U.S. wealth management
$16.6
$15.5
7.1%
$-
n/a
Total wealth management
$82.3
$77.0
6.9%
$49.9
64.9%
TOTAL
$215.6
$202.6
6.4%
$181.4
18.9%
MONTHLY CORE AVERAGEASSETS UNDER MANAGEMENT
Nov. 30/20 (billions)
Oct. 31/20 (billions)
% Change
Monthly average
$126.3
$123.9
1.9%
FISCAL QUARTER CORE AVERAGEASSETS UNDER MANAGEMENT
Nov. 30/20 (billions)
Sept. 30/20 (billions)
% Change
Fiscal quarter average
$125.1
$124.6
0.4%
FISCAL YEAR CORE AVERAGEASSETS UNDER MANAGEMENT
Fiscal 2020 (billions)
Fiscal 2019 (billions)
% Change
Fiscal year average
$123.7
$129.8
-4.7%
EQUITY(millions)
Total outstanding shares
(TSX)
209.9
QTD weighted avg. shares
209.5
FINANCIAL POSITION(millions)
Long-term debt
$1,575
Total gross debt
$1,969
December maturity
$394
Cash
$112
1 Includes $31.6 billion of assets managed by CI and held by
clients of advisors with Assante, CIPC and Aligned Capital as at
November 30, 2020 ($29.3 billion as at October 31, 2020 and $28.8
billion as at November 30, 2019).
All financial amounts in Canadian dollars unless otherwise
stated.
About CI Financial
CI Financial Corp. (TSX: CIX, NYSE: CIXX) 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,
Bowling Portfolio Management LLC, The Cabana Group, LLC, Congress
Wealth Management, LLC, One Capital Management, LLC and Surevest
LLC. Further information is available at www.cifinancial.com.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201211005032/en/
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
United States Trevor Davis, Gregory FCA for CI Financial
610-415-1145 cifinancial@gregoryfca.com
CI Financial (NYSE:CIXX)
Historical Stock Chart
From Sep 2024 to Oct 2024
CI Financial (NYSE:CIXX)
Historical Stock Chart
From Oct 2023 to Oct 2024