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 November 30, 2021 of $149.4 billion and wealth management assets
of $188.7 billion, for total assets of $338.1 billion.
In November 2021, CI completed the previously announced
acquisitions of McCutchen Group LLC of Seattle, a registered
investment advisor (“RIA”) providing wealth management and family
office services to high-net-worth and ultra-high-net-worth clients,
and Matrix Capital Advisors, LLC, an RIA serving high-net-worth
investors in the Chicago region. The transactions added
approximately $5.5 billion to CI’s U.S. wealth management
assets.
CI FINANCIAL CORP. November
30, 2021 PRELIMINARY MONTH-END ASSETS (C$ Billions)
ENDING ASSETS
November 2021
October 2021
% Change
November 2020
% Change
Core assets under management (1)
$141.7
$142.7
-0.7%
$127.5
11.1%
U.S. assets under management (2)
$7.7
$7.4
4.1%
$5.4
42.6%
Total assets under management
$149.4
$150.2
-0.5%
$132.9
12.4%
Canadian wealth management
$78.6
$79.3
-0.9%
$65.7
19.6%
U.S. wealth management (2)
$110.1
$102.3
7.6%
$16.6
563.3%
Total wealth management
$188.7
$181.5
4.0%
$82.3
129.3%
TOTAL
$338.1
$331.7
1.9%
$215.2
57.1%
CORE AVERAGE AUM
November 2021
October 2021
September 2021
Fiscal 2020
% Change
Monthly average
$144.6
$141.3
--
--
2.3%
Quarter to date average
$142.9
--
$141.1
--
1.3%
Year to date average
$137.5
--
--
$124.1
10.8%
(1)
Includes $35.3 billion of assets managed by CI and held by
clients of advisors with Assante, CIPC and Aligned Capital as at
November 30, 2021 ($35.4 billion at October 31, 2021 and $31.6
billion at November 30, 2020).
(2)
Month-end USD/CAD exchange rates of 1.278, 1.239 and 1.300 for
November 2021, October 2021 and November 2020, respectively.
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 Barrett Asset
Management, LLC, BDF LLC, Budros, Ruhlin & Roe, Inc., Bowling
Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC,
Congress Wealth Management, LLC, Dowling & Yahnke, LLC, Doyle
Wealth Management, LLC, Matrix Capital Advisors, LLC, McCutchen
Group LLC, One Capital Management, LLC, Portola Partners Group LLC,
Radnor Financial Advisors, LLC, The Roosevelt Investment Group,
LLC, RGT Wealth Advisors, LLC, Segall Bryant & Hamill, 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 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/20211213006018/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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