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 March 31, 2021 of $138.5 billion and wealth
management assets of $102.1 billion, for total assets of $240.6
billion. These represent CI’s highest-ever month-end levels for
wealth management assets and total assets.
“We believe the growth in assets to record levels reflects our
success in implementing our strategic priorities of modernizing
asset management, expanding CI’s wealth management platform and
globalizing the firm,” said Kurt MacAlpine, CI Chief Executive
Officer. “Notably, we are seeing improvement in asset management
net flows, with the first quarter being our best quarter for net
flows since the third quarter of 2017. We believe this is
attributable to the many client-focused changes we have made,
including the integration of our investment management platform,
introduction of our new sales and marketing strategy powered by
advanced analytics, and our new product management strategy.”
Total assets increased by $4.2 billion or 1.8% in the month of
March and by $84.9 billion or 54.5% from March 31, 2020, reflecting
CI’s acquisitions in U.S. and Canadian wealth management and market
growth over the past 12 months.
Wealth management assets grew
by $2.1 billion or 2.1% in the month of March and by $57.5 billion
or 128.9% year over year. Canadian wealth management assets at
$71.1 billion were up 2.3% in March and up 61.2% 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 1.6% in March to $31.0 billion. This includes the assets of
CI’s network of 10 registered investment advisor (“RIA”) firms
across the United States. During the first quarter, CI announced
agreements to acquire three RIAs – Segall Bryant & Hamill, LLC
(“SBH”) of Chicago, Barrett Asset Management, LLC of New York, and
Brightworth, LLC of Atlanta. The transactions are expected to add
approximately $39 billion in assets1 to CI’s U.S. business, and are
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 $138.5 billion,
representing growth of $2.1 billion or 1.5% in March and $27.4
billion or 24.7% from a year ago. Core assets under management,
which are those managed by CI’s Canadian and Australian
subsidiaries, were up 1.5% in February and 19.4% year over year to
$132.6 billion. Core average assets under management for the first
quarter were $131.6 billion, a 4.3% increase over the average of
$126.2 billion for the fourth quarter of 2020.
CI also reported preliminary sales results for the first
quarter. CI’s Canadian retail business, excluding products closed
to new investors, had $0.6 billion in net redemptions, an
improvement of $0.7 billion over both the fourth quarter of 2020
and the first quarter of 2020. CI’s Canadian institutional business
had net redemptions of $0.4 billion, an improvement of $0.5 billion
over the fourth quarter of 2020 and an improvement of $0.4 billion
from the same quarter a year ago.
CI’s U.S. asset management business, which consists of certain
assets managed by its U.S. RIAs, had net sales of $0.3 billion,
while GSFM Pty Ltd.’s net flows were flat. CI’s closed business,
comprised primarily of segregated fund contracts that are no longer
available for sale, had $0.2 billion in net redemptions for the
quarter.
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.
March 31, 2021
PRELIMINARY MONTH-END
STATISTICS
ENDING
ASSETS
Mar. 31/21
(billions)
Feb. 28/21
(billions)
%
Change
Mar. 31/20
(billions)
%
Change
Core (Canadian and Australian) assets
under management2
$132.6
$130.7
1.5%
$111.1
19.4%
U.S. assets under management
$5.9
$5.7
3.5%
$-
n/a
Total assets under management
$138.5
$136.4
1.5%
$111.1
24.7%
Canadian
wealth management
$71.1
$69.5
2.3%
$44.1
61.2%
U.S. wealth
management
$31.0
$30.5
1.6%
$0.5
6100.0%
Total
wealth management
$102.1
$100.0
2.1%
$44.6
128.9%
TOTAL
$240.6
$236.4
1.8%
$155.7
54.5%
MONTHLY CORE AVERAGE
ASSETS UNDER MANAGEMENT
Mar. 31/21
(billions)
Feb. 28/21
(billions)
%
Change
Monthly average
$132.3
$132.1
0.2%
FISCAL QUARTER CORE AVERAGE
ASSETS UNDER MANAGEMENT
Mar. 31/20
(billions)
Dec. 31/20
(billions)
%
Change
Fiscal quarter average
$131.6
$126.2
4.3%
FISCAL YEAR CORE AVERAGE
ASSETS UNDER MANAGEMENT
Fiscal 2021
(billions)
Fiscal 2020
(billions)
%
Change
Fiscal year average
$131.6
$124.1
6.0%
EQUITY
(millions)
Total
outstanding shares (TSX)
206.0
QTD weighted avg. shares
207.5
FINANCIAL POSITION
(millions)
Gross
debt
$2,212
Cash
$216
1 Based on the three firms’ assets as at February 28, 2021. 2
Includes $32.7 billion of assets managed by CI and held by clients
of advisors with Assante, CI Private Counsel and Aligned Capital as
at March 31, 2021 ($32.1 billion at February 28, 2021 and $25.2
billion at March 31, 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 the acquisitions of Segall
Bryant & Hamill, LLC, Barrett Asset Management, LLC of New
York, and Brightworth, LLC will be completed and their 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/20210414005816/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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