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TORONTO, Feb. 6, 2020 /CNW/ - CI Financial Corp. ("CI")
(TSX: CIX) today announced a sub-advisory relationship with
DoubleLine Capital LP ("DoubleLine"), a globally renowned
fixed-income asset manager. Through this agreement, DoubleLine will
manage new mandates to be offered by CI and to be included within
CI's lineup of fixed-income mutual funds and exchange-traded
funds.
"Under Jeffrey Gundlach's
leadership, DoubleLine has become one of the world's most
influential and successful asset managers, and we are thrilled to
partner with them to offer new income strategies to the Canadian
market," said CI Chief Executive Officer Kurt MacAlpine.
"Canadian investors have a growing need for high-quality income
solutions as increasing numbers prepare for and begin retirement or
seek a higher level of protection against potential market
volatility. Jeffrey Gundlach and
DoubleLine have established a global reputation as outstanding
income investors due to their consistent exceptional performance
over time, and their expertise and mandates will further enhance
CI's extensive income lineup."
"We are very excited to partner with an industry-leading firm
like CI," said Mr. Gundlach, DoubleLine's Chief Executive Officer
and Chief Investment Officer. "Their commitment to serving the
large segment of Canadian investors seeking to preserve and grow
their wealth aligns seamlessly with our investment philosophy at
DoubleLine."
Mr. Gundlach's success in fixed-income investing over several
decades has earned him the media nickname "The Bond King." He
founded Los Angeles-based
DoubleLine in 2009. Just 10 years later, the firm manages over
US$150 billion in assets. Mr.
Gundlach's accolades include being inducted into the FIASI Fixed
Income Hall of Fame in 2017, named to Bloomberg Markets
Magazine's "50 Most Influential" in 2012, 2015 and 2016,
and named Institutional Investor's "Money Manager
of the Year" in 2013, among others.
DoubleLine has been recognized as: Chief Investment Officer
Magazine's "Asset Management and Servicing Winner, Fixed Income
– Core Plus Fixed Income" in 20181; Risk
Magazine's "Institutional Investor of the Year" for Shiller
Enhanced CAPE® in 20162; and Institutional
Investor's "U.S. Fixed Income – Mortgage Backed Securities"
award in 2013, 2014 and 20163.
CI announced a new strategic direction in November 2019 with a focus on three corporate
priorities − modernizing its asset management business, expanding
its wealth management platform and globalizing the firm. "This new
relationship is the latest step in delivering on CI's strategic
priorities of modernizing our asset management business and
expanding our wealth management platform," Mr. MacAlpine said. "CI
is currently a leader in fixed income in Canada, managing over C$40 billion in this asset class. Our partnership
with DoubleLine will strengthen this position and deliver globally
leading expertise to our clients that was unavailable before this
partnership."
Income strategies currently offered by DoubleLine in the U.S.
market include:
- The firm's flagship Total Return Bond Fund™, which seeks to
maximize total return by focusing on structured products and
exploiting inefficiencies within the subsectors of the
mortgage-backed securities and asset-backed securities markets and
other structured products.
- DoubleLine's Core Plus Fixed Income Fund™, which offers active
asset allocation across fixed-income sectors.
- DoubleLine's Income Fund™, which prioritizes a high level of
current income and capital appreciation from debt securities and
other income-producing investments worldwide.
About DoubleLine Capital
DoubleLine is an independent,
employee-owned money management firm with over US$150 billion in combined assets under
management invested across a wide array of investment strategies.
The firm's experienced team of portfolio managers have worked
together an average of 16 years.
About CI Financial
CI Financial Corp. (TSX: CIX) is an
independent Canadian company offering global asset management and
wealth management advisory services. CI held approximately
C$182 billion in fee-earning assets
as of December 31, 2019. Its primary
operating businesses are CI Investments Inc., Assante Wealth
Management (Canada) Ltd., CI
Private Counsel LP, GSFM Pty Ltd., WealthBar Financial Services
Inc., and BBS Securities Inc. Further information is available
at www.cifinancial.com.
1Chief Investment Officer Magazine, Asset
Management and Servicing Winner – Fixed Income/Credit – CIO
Magazine seeks nominations through its website from other CIOs. The
staff researches the nominee by, among other things, reaching out
to "asset owners in the community." The magazine chose a list of
finalists and then chose a winner based on recommendations from the
CIOs.
2Risk Magazine Institutional
Investor of the Year – Banks and other service providers are
encouraged to nominate investors that have made significant gains
through their use of structured derivatives, who can demonstrate
best practices in risk management using innovative structures, or
who have executed an innovative
trade.
3Institutional investor U.S.
Fixed Income – Mortgage Backed Securities award winners are chosen
by the editorial staff of Institutional Investor magazine based on
their market intelligence, performance data and additional
information received from the industry following a public call for
nominations.
DoubleLine's Total Return Bond Fund, Core
Plus Fixed Income Fund and Income Fund are registered trademarks of
DoubleLine Capital LP. The DoubleLine Funds are offered only
to United States
residents.
SOURCE CI Financial Corp.