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 January 31, 2021 of $134.3 billion and wealth management assets
of $97.5 billion, for total assets of $231.8 billion.
CI’s wealth management assets
and total assets were up year over year by 89.7% and 26.1%,
respectively. The month’s results reflect CI’s progress as it
executes on its strategic priorities of expanding its wealth
management platform, globalizing the firm and modernizing its asset
management business.
Since closing its initial U.S.
acquisition in January 2020, CI has completed 13 U.S. acquisitions
to date (including transactions by CI-affiliated firms) and its
U.S. wealth management assets have grown to $29.8 billion as at
January 31, 2021. The recently announced acquisition of Segall
Bryant & Hamill, LLC of Chicago is expected to double CI’s U.S.
assets to approximately $59 billion (US$46 billion)1.
CI’s U.S. wealth management businesses include Balasa Dinverno
Foltz 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.
Canadian wealth management assets were $67.6 billion, up 0.4%
for the month of January and up 32.8% year over year. The annual
change was due to the acquisition of Aligned Capital Partners Inc.
and growth in CI’s existing wealth businesses. Canadian wealth
management assets also include the assets of CI Assante Wealth
Management, CI Private Counsel LP, CI Direct Investing and Virtual
Brokers.
Total wealth management assets of $97.5 billion at January 31,
2021 represented increases of 1.0% for the month and 89.7% or $46.1
billion year over year.
CI’s total assets under management of $134.3 billion were down
0.6% month over month and up 1.4% year over year, representing a
$1.9 billion annual increase. Core average assets under management
for the quarter-to-date were $130.4 billion, a 3.3% increase over
the average for the fourth quarter of 2020. Core assets under
management are those managed by CI’s Canadian and Australian
subsidiaries.
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.
CI FINANCIAL CORP.
January 31, 2021 PRELIMINARY MONTH-END STATISTICS
ENDING ASSETS
Jan. 31/21
(billions)
Dec. 31/20
(billions)
% Change
Jan. 31/20
(billions)
% Change
Core assets under management (Canada
and Australia)2
$128.7
$129.6
-0.7%
$132.4
-2.8%
U.S. assets under management
$5.6
$5.5
1.8%
$-
n/a
Total assets under management
$134.3
$135.1
-0.6%
$132.4
1.4%
Canadian wealth management
$67.6
$67.3
0.4%
$50.9
32.8%
U.S. wealth management
$29.8
$29.2
2.1%
$0.5
5860.0%
Total wealth management
$97.5
$96.5
1.0%
$51.4
89.7%
TOTAL
$231.8
$231.5
0.1%
$183.8
26.1%
MONTHLY CORE AVERAGE ASSETS
UNDER MANAGEMENT
Jan. 31/21
(billions)
Dec. 31/20
(billions)
% Change
Monthly average
$130.4
$128.5
1.5%
FISCAL QUARTER CORE AVERAGE
ASSETS UNDER MANAGEMENT
Jan. 31/20
(billions)
Dec. 31/20
(billions)
% Change
Fiscal quarter average
$130.4
$126.2
3.3%
FISCAL YEAR CORE AVERAGE ASSETS
UNDER MANAGEMENT
Fiscal 2021
(billions)
Fiscal 2020
(billions)
% Change
Fiscal year average
$130.4
$124.1
5.1%
EQUITY (millions)
Total outstanding shares (TSX)
209.2
QTD weighted avg. shares
209.1
FINANCIAL POSITION
(millions)
Gross debt
$2,597
Cash
$614
- Based on assets for Segall Bryant & Hamill, LLC (“SBH”) and
CI as at January 31, 2021. The acquisition of SBH is expected to be
completed in the second quarter of 2021.
- Includes $32.9 billion of assets managed by CI and held by
clients of advisors with Assante, CIPC and Aligned Capital as at
January 31, 2021 ($32.6 billion at December 31, 2020 and $29.4
billion at January 31, 2020)
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 Balasa
Dinverno Foltz 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. 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 statements include that the
acquisition of Segall Bryant & Hamill, LLC will be completed
and its asset levels will remain stable, 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/20210216005234/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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