All financial amounts in Canadian dollars unless stated
otherwise.
CI Financial
Corp. (“CI”) (TSX: CIX,
NYSE: CIXX) today reported preliminary assets under management as
at February 28, 2021 of $136.4 billion and wealth management assets
of $100.0 billion, for total assets of $236.5 billion.
Wealth
management assets reached $100.0 billion for the first time in CI’s
history and grew 2.5% in the month of February and by $50.4 billion
or 101.6% year over year. The annual change is due to strong
organic growth and acquisitions CI has made to expand its wealth
management platform in Canada and the United States. It also
reflects CI’s execution of its strategic priorities, which are
expanding its wealth management platform, globalizing the firm and
modernizing its asset management business.
Canadian
wealth management assets at $69.5 billion were up 2.7% in February
and up 41.5% or $20.4 billion from one year ago. Canadian wealth
management assets consist of the assets of CI Assante Wealth
Management, Aligned Capital Partners Inc., CI Private Counsel LP,
CI Direct Investing and Virtual Brokers.
U.S. wealth
management assets grew by 2.3% in February to $30.5 billion. This
includes the assets of CI’s network of 10 registered investment
advisor (“RIA”) firms across the United States. In January, CI
announced an agreement to acquire Segall Bryant & Hamill, LLC
(“SBH”) of Chicago, which is expected to double CI’s U.S. assets to
approximately $60 billion1 once the transaction is completed. The
acquisition is scheduled to close in the second quarter of 2021,
subject to regulatory, stock exchange and other customary closing
conditions.
CI’s total assets under management were $136.4 billion,
representing increases of $2.1 billion or 1.6% in February and $9.7
billion or 7.7% year over year. Core assets under management, which
are those managed by CI’s Canadian and Australian subsidiaries,
were up 1.6% in February and 3.2% year over year. Core average
assets under management for the quarter-to-date were $131.2
billion, a 4.0% increase over the average of $126.2 billion for the
fourth quarter of 2020.
CI’s total assets of $236.5 billion represent an all-time high
for CI. Total assets were up 2.0% in the month of February and up
$60.2 billion or 34.1% for the one-year period.
Further information about CI’s assets and financial position can
be found below in the tables of statistics and on
www.cifinancial.com.
CI FINANCIAL CORP.
February 28, 2021
PRELIMINARY MONTH-END
STATISTICS
ENDING
ASSETS
Feb. 28/21
(billions)
Jan. 31/21
(billions)
%
Change
Feb. 29/20
(billions)
%
Change
Core assets under management (Canada
and Australia)2
$130.7
$128.7
1.6%
$126.7
3.2%
U.S. assets under management
$5.7
$5.6
1.8%
$-
n/a
Total assets under management
$136.4
$134.3
1.6%
$126.7
7.7%
Canadian
wealth management
$69.5
$67.7
2.7%
$49.1
41.5%
U.S. wealth
management
$30.5
$29.8
2.3%
$0.5
6,000.0%
Total
wealth management
$100.0
$97.6
2.5%
$49.6
101.6%
TOTAL
$236.5
$231.9
2.0%
$176.3
34.1%
MONTHLY CORE AVERAGE
ASSETS UNDER MANAGEMENT
Feb. 28/21
(billions)
Jan. 31/21
(billions)
%
Change
Monthly average
$132.0
$130.4
1.2%
FISCAL QUARTER CORE AVERAGE
ASSETS UNDER MANAGEMENT
Feb. 28/20
(billions)
Dec. 31/20
(billions)
%
Change
Fiscal quarter average
$131.2
$126.2
4.0%
FISCAL YEAR CORE AVERAGE
ASSETS UNDER MANAGEMENT
Fiscal 2021
(billions)
Fiscal 2020
(billions)
%
Change
Fiscal year average
$131.2
$124.1
5.7%
EQUITY
(millions)
Total
outstanding shares (TSX)
209.0
QTD weighted avg. shares
208.9
FINANCIAL POSITION
(millions)
Gross
debt
$2,272
Cash
$214
1Projection based on CI assets as at February 28, 2021 and SBH
assets of $29.6 billion as at January 31, 2021. 2 Includes $32.1
billion of assets managed by CI and held by clients of advisors
with Assante, CIPC and Aligned Capital as at February 28, 2021
($31.4 billion at January 31, 2021 and $28.3 billion at February
29, 2020).
About CI Financial CI Financial Corp. 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 Canadian wealth management through CI Assante
Wealth Management (Assante Wealth Management (Canada) Ltd.), CI
Private Counsel LP, Aligned Capital Partners Inc., CI Direct
Investing (WealthBar Financial Services Inc.), and CI Investment
Services Inc.
CI’s U.S. wealth management businesses consist of BDF LLC,
Bowling Portfolio Management LLC, The Cabana Group, LLC, Congress
Wealth Management, LLC, Doyle Wealth Management, LLC, One Capital
Management, LLC, The Roosevelt Investment Group, LLC, RGT Wealth
Advisors, LLC, Stavis & Cohen Private Wealth, LLC and Surevest,
LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the
New York Stock Exchange under CIXX. 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 statements include that the
acquisition of Segall Bryant & Hamill, LLC will be completed
and its asset levels will remain stable, 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/20210310005670/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations Canada 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
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