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CI Financial Income Fund ("CI") today reported gross sales of $788 million and net sales of $140 million for the month of November. As of November 30, 2008, assets under management were $53.7 billion and total fee-earning assets were $78.9 billion.
"The strong net sales in the current environment demonstrate our clients' confidence in CI and our portfolio managers," said Stephen A. MacPhail, CI President. "In particular, interest in the SunWise Elite Plus Segregated Funds, with their principal and income guarantees, continues to grow."
The total net sales by CI subsidiaries CI Investments Inc. and United Financial Corporation consisted of net sales of long-term funds of $132 million and net sales of money market funds of $23 million. In addition, there were $15 million in net redemptions related to several series of deposit notes, which use asset allocation strategies in which money is moved out of mutual funds when markets are declining. These institutional transactions reflect a rebalancing of the deposit notes and not a redemption by clients from the product.
For the year-to-date, CI had gross sales of $10.8 billion and net sales of $1.6 billion.
Total assets under management at November 30, 2008 consisted of investment funds at CI Investments and United Financial of $49.6 billion, institutional assets of $3.7 billion and structured product assets of $401 million. CI also reported assets under administration of $24.1 billion, which consisted of $17.9 billion in assets under administration at Assante Wealth Management (Canada) Ltd. and $6.2 billion in assets under administration at Blackmont Capital Inc. Other fee-earning assets totalled $1.0 billion.
Additional information about CI's sales, assets and financial position can be found below in the tables of preliminary statistics and on its website, www.ci.com/cix, in the Statistics section.
<< ------------------------------------------------------------------------- CI FINANCIAL INCOME FUND November 30, 2008 MONTH-END STATISTICS ------------------------------------------------------------------------- MONTHLY SALES DATA GROSS SALES REDEMPTIONS NET SALES RETAIL MANAGED FUNDS (millions) (millions) (millions) ------------------------------------------------------------------------- Long-term funds $616 $484 $132 Short-term funds $107 $84 $23 Sales related to deposit notes $65 $80 -$15 ------------------------------------------------------------------------- TOTAL RETAIL FUNDS $788 $648 $140 ------------------------------------------------------------------------- ------------------------------------------------------------------------- FEE-EARNING ASSETS October 31/08 November 30/08 % (millions) (millions) Change ------------------------------------------------------------------------- Retail managed funds $51,907 $49,630 -4.4% ------------------------------------------------------------------------- Structured products 420 401 -4.5% ------------------------------------------------------------------------- TOTAL retail assets under management $52,327 $50,031 -4.4% ------------------------------------------------------------------------- Institutional managed assets 3,638 3,710 2.0% ------------------------------------------------------------------------- TOTAL assets under management $55,965 $53,741 -4.0% ------------------------------------------------------------------------- Assante assets under administration* 18,737 17,894 -4.5% ------------------------------------------------------------------------- Blackmont assets under administration 6,670 6,189 -7.2% ------------------------------------------------------------------------- TOTAL assets under administration $25,407 $24,083 -5.2% ------------------------------------------------------------------------- CI other fee-earning assets 1,079 1,048 -2.9% ------------------------------------------------------------------------- TOTAL FEE-EARNING ASSETS $82,451 $78,872 -4.3% ------------------------------------------------------------------------- ------------------------------------------------------------------------- AVERAGE RETAIL ASSETS October 31/08 November 30/08 % UNDER MANAGEMENT (millions) (millions) Change ------------------------------------------------------------------------- Monthly $52,401 $49,721 -5.1% Quarter-to-date $52,401 $51,083 -2.5% Fiscal year-to-date $62,380 $61,246 -1.8% ------------------------------------------------------------------------- ------------------------------------------------------------------------- FISCAL AVERAGE RETAIL Fiscal 2007 Fiscal 2008 % ASSETS UNDER MANAGEMENT (millions) (millions) Change ------------------------------------------------------------------------- Fiscal year average retail assets $64,958 $61,246 -5.7% ------------------------------------------------------------------------- ------------------------------------------------------------------------- EQUITY FINANCIAL POSITION (millions unless otherwise indicated) ------------------------------------------------------------------------- LP units 146,108,724 Bank debt $1,200 Trust units 133,494,889 Cash & marketable securities -30 Total outstanding ---------------------------------------- units 279,603,613 Net debt outstanding $1,170 QTD weighted avg. ---------------------------------------- units 277,441,752 Yield at $14.55 3.3% ---------------------------------------- In-the-money options 0 In-the-money option liability Percentage of all options 0% (net of tax) $0 All options % of units 0.9% Terminal redemption value of funds $800 Quarter-to-date equity-based compensation(xx) -$1 ------------------------------------------------------------------------- * Includes CI and United Financial investment fund assets administered by Assante advisors. (xx) Estimate partially based on marked-to-market pre-tax option expense accrual from change in unit price and vesting from last quarter-end ($18.00) to November 30, 2008 ($14.55). ------------------------------------------------------------------------- GEOGRAPHIC EXPOSURE OF AUM ------------------------------------------------------------------------- Canada 44% Asia 3% ------------------------------------------------------------------------- United States 24% Other 3% ------------------------------------------------------------------------- Europe 9% Cash 17% ------------------------------------------------------------------------- >>
CI Financial Income Fund (TSX: CIX.UN | Quote | Chart | News | PowerRating) is an independent, Canadian-owned wealth management company. 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.ci.com/cix.
This press release contains forward-looking statements with respect to CI and its products and services, including its business operations and strategy and financial performance and condition. Although management believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, including interest rates, business competition, changes in government regulations or in tax laws, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time.
SOURCE: CI Financial Income Fund
SOURCE: CI Investments Inc.
Stephen A. MacPhail, President, (416) 364-1145
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