All financial amounts are in Canadian dollars unless otherwise stated.
CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX) today reported preliminary assets under management of $ 138.5 billion as of March 31, 2021 and asset management assets of $ 102.1 billion, for total assets of $ 240.6 billion. These represent CI’s highest ever month-end levels for asset management assets and total assets.
“We believe that asset growth to record levels reflects our success in implementing our strategic priorities of modernizing asset management, expanding CI’s asset management platform and globalizing the business,” said Kurt MacAlpine, Chief Executive Officer of CI. “We are particularly seeing improvement in net flows from asset management, with the first quarter being our best quarter for net flows since the third quarter of 2017. We believe this is due to the many customer-facing changes we have made, including the integration of our investment management platform, the introduction of our new sales and marketing strategy based on 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% as of March 31, 2020, as a result of the acquisitions of CI in US and Canadian asset management and the market growth over the past 12 months.
Asset management assets grew by $ 2.1 billion or 2.1% in the month of March and by $ 57.5 billion or 128.9% year-on-year. Canadian asset management assets were $ 71.1 billion, up 2.3% in March and up 61.2% from a 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.
US asset management assets grew 1.6% to $ 31.0 billion in March. This includes the assets of CI’s network of 10 registered investment advisory (“RIA”) companies in 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 US operations and are expected to close in the second quarter of 2021, subject to regulatory, 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 managed by CI’s Canadian and Australian subsidiaries, grew 1.5% in February and 19.4% year over year to $ 132.6 billion. Average core equity under management for the first quarter was $ 131.6 billion, an increase of 4.3% from the $ 126.2 billion average for the fourth quarter of 2020.
CI also reported preliminary sales results for the first quarter. CI’s Canadian retail operations, excluding products closed to new investors, had $ 0.6 billion in net redemptions, an improvement of $ 0.7 billion in both the fourth quarter of 2020 and the first quarter of 2020. The Canadian CI’s institutional operations had net redemptions of $ 0.4 billion, an improvement of $ 0.5 billion from the fourth quarter of 2020 and an improvement of $ 0.4 billion from the same quarter a year ago.
CI’s US asset management business, which consists of certain assets managed by the US RIAs, had net sales of $ 0.3 billion, while GSFM Pty Ltd.’s net flows. remained stable. CI’s closed business, consisting primarily of segregated fund contracts that are no longer available for sale, had $ 0.2 billion in net redemptions for the quarter.
More information about CI’s assets and financial position can be found below in the statistics tables and at www.cifinancial.com.
CI FINANCIAL CORP.
March 31, 2021
PREVIOUS MONTH STATISTICS
END OF ASSETS
Nuclear Power (Canadian and Australian) under management 2
US assets under management
n / a
Total assets under management
Canadian wealth management
American wealth management
Total asset management
MONTHLY CORE AVERAGE
ASSETS UNDER MANAGEMENT
FISCAL QUARTERLY CORE AVERAGE
ASSETS UNDER MANAGEMENT
Fiscal quarterly average
FINANCIAL YEAR CORE AVERAGE
ASSETS UNDER MANAGEMENT
Fiscal annual average
Total Shares Outstanding (TSX)
QTD weighted avg. shares
1 Based on the assets of the three companies as of February 28, 2021.
2 Includes $ 32.7 billion in assets managed by CI and held by adviser clients at Assante, CI Private Counsel and Aligned Capital as of March 31, 2021 ($ 32.1 billion as of February 28, 2021 and $ 25.2 billion as of March 31 2020).
About CI Financial
CI Financial Corp. is an independent company that provides wealth management and asset management advisory services worldwide. CI’s primary asset management business is CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates in Canadian asset 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 companies include 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. More information is available at www.cifinancial.com.
This press release contains forward-looking statements regarding expected future events, results, conditions, performance or expectations with respect to CI Financial Corp. (“CI”) and its products and services, including its business activities, strategy and financial performance and condition. Forward-looking statements are commonly referred to by words such as “believe”, “expect”, “anticipate”, “forecast”, “anticipate”, “intend”, “estimate”, “target”, “plan” and “project” and similar references to future periods, or conditional verbs such as “will”, “may”, “would”, “could” or “would”. These statements are not historical facts, but instead represent management’s views regarding future events, many of which are inherently uncertain by nature and beyond management’s control. While 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 used to arrive at the conclusions 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 that their asset levels will be finalized. stable, that the mutual 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 general economic and market conditions, including interest and currency exchange rates, global financial markets, changes in government regulations or tax laws, industry competition, technological developments and other factors described or discussed in any CB disclosure material filed from time to time with the applicable securities supervisory authorities. The foregoing list is not exhaustive and the reader is cautioned to carefully consider these and other factors and not place undue reliance on forward-looking statements. Except as specifically required by applicable law, CI undertakes no obligation to update or amend any forward-looking statement after the date it is made, whether it reflects new information, future events or otherwise.
View the original version at businesswire.com: https://www.businesswire.com/news/home/20210414005816/en/
Jason Weyeneth, CFA
Vice President Investor Relations & Strategy
Vice President, Communications
Trevor Davis, Gregory FCA for CI Financial