TORONTO, May 6, 2020 /CNW/ - CI Financial Corp.
("CI") (TSX: CIX) today reported preliminary assets under
management at April 30, 2020 of
$118.8 billion and assets under
administration of $47.5 billion, for
total fee-earning assets of $166.3
billion.
CI also reported the completion of its previously announced
acquisition of a majority interest in One Capital Management, LLC
("One Capital"), a California-based registered investment
advisor.
In the month of April, assets under management and assets under
administration increased by 6.9% and 6.5%, respectively. Year over
year, assets under management declined 10.3% while assets under
administration improved 1.3%. Assets under administration include
the assets of Assante Wealth Management (Canada) Limited, CI Private Counsel LP,
WealthBar Financial Services Inc., Virtual Brokers, and Surevest
LLC.
CI's average assets under management for the quarter-to-date
were $114.6 billion, compared to the
average of $127.2 billion for the
first quarter of 2020.
CI's practice is to report preliminary statistics at each
month-end. As a result, statistics for prior periods may not
match those previously reported. Due to market volatility in
March, the ending and average AUM for the first quarter reflect a
larger-than-usual adjustment from the numbers previously
reported.
One Capital Management
The acquisition of a majority stake in One Capital is part of
CI's strategic priority to globalize the firm through the
acquisition of select U.S. RIAs. CI has also acquired a majority
interest in Surevest LLC and has reached an agreement to acquire a
strategic interest in The Cabana Group LLC, while continuing to
pursue other opportunities for growth in this sector.
One Capital is a uniquely positioned wealth management firm with
robust cross-border servicing capabilities. It boasts a
well-developed expertise in advanced wealth planning, including
specializations in family office services and a division focused on
the needs of professional athletes and entertainers.
Further information about CI's assets and financial position can
be found below in the tables of statistics and on its website,
www.cifinancial.com. These are the only statistics authorized by
CI, and CI takes no responsibility for reporting by any external
sources.
CI FINANCIAL
CORP April 30,
2020 PRELIMINARY
MONTH-END STATISTICS
|
ENDING
ASSETS
|
April
30/20 (billions)
|
March
31/20 (billions)
|
% Change
|
April
30/19
(billions)
|
% Change
|
Assets under
management
|
$118.8
|
$111.1
|
6.9%
|
$132.4
|
-10.3%
|
Assets under
administration1
|
47.5
|
44.6
|
6.5%
|
46.9
|
1.3%
|
TOTAL
|
$166.3
|
$155.7
|
6.8%
|
$179.3
|
-7.3%
|
MONTHLY
AVERAGE ASSETS UNDER
MANAGEMENT
|
April
30/20 (billions)
|
March
31/20 (billions)
|
% Change
|
Monthly
average
|
$114.6
|
$115.3
|
-0.6%
|
FISCAL QUARTER
AVERAGE ASSETS UNDER
MANAGEMENT
|
April
30/20 (billions)
|
March
31/20 (billions)
|
% Change
|
Fiscal quarter
average
|
$114.6
|
$127.2
|
-9.9%
|
FISCAL YEAR
AVERAGE ASSETS UNDER
MANAGEMENT
|
Fiscal
2020 (billions)
|
Fiscal
2019 (billions)
|
% Change
|
Fiscal year
average
|
$124.0
|
$129.8
|
-4.5%
|
EQUITY (millions)
|
FINANCIAL
POSITION (millions)
|
Total outstanding
shares (TSX)
|
217.6
|
Debt
outstanding
|
$1,631
|
QTD weighted avg.
shares
|
216.6
|
Net debt
outstanding
|
$1,393
|
1 Includes assets managed by CI and
held by clients of advisors with Assante and CI Private Counsel
LP.
|
About CI Financial
CI Financial Corp. (TSX: CIX) is an independent, publicly traded
company offering global asset management and wealth management
advisory services. Its primary operating businesses are CI
Investments Inc., Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, GSFM Pty
Ltd., WealthBar Financial Services Inc., BBS Securities Inc.
and Surevest LLC. 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.
SOURCE CI Financial Corp.