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CI Financial Corp reported preliminary assets under management of $150.2 billion and total wealth management assets of $181.6 billion as of October 31, 2021, totaling $331.8 billion. This marks a 3.6% increase from $320.4 billion in September 2021. CI completed the acquisition of Budros, Ruhlin & Roe, Inc. on October 1, 2021, adding $4.4 billion in assets. Key metrics include a 2.5% increase in total AUM and a robust growth in U.S. wealth management assets of $102.3 billion (+5.5%).
Positive
Total AUM increased by 3.6% from September to October 2021.
U.S. wealth management assets grew by 5.5% year-over-year.
Negative
Monthly average AUM decreased by 0.8% from September to October 2021.
All financial amounts in Canadian dollars unless stated otherwise.
TORONTO--(BUSINESS WIRE)--
CI Financial Corp. (“CI”) (TSX:CIX, NYSE:CIXX) today reported preliminary assets under management as at October 31, 2021 of $150.2 billion and wealth management assets of $181.6 billion, for total assets of $331.8 billion.
On October 1, 2021, CI completed the previously announced acquisition of Budros, Ruhlin & Roe, Inc., a registered investment advisor based in Columbus, Ohio, with $4.4 billion in assets.
CI FINANCIAL CORP.
October 31, 2021
PRELIMINARY MONTH-END ASSETS (C$ Billions)
ENDING ASSETS
October
2021
September
2021
% Change
October
2020
% Change
Core assets under management (Canada and Australia) (1)
$142.8
$139.4
2.4%
$120.5
18.5%
U.S. assets under management (2)
$7.4
$7.2
2.8%
$5.1
45.1%
Total assets under management
$150.2
$146.6
2.5%
$125.6
19.6%
Canadian wealth management
$79.3
$76.9
3.1%
$61.5
28.9%
U.S. wealth management (2)
$102.3
$97.0
5.5%
$15.5
560.0%
Total wealth management
$181.6
$173.8
4.5%
$77.0
135.8%
TOTAL
$331.8
$320.4
3.6%
$202.6
63.8%
CORE AVERAGE AUM
October
2021
September
2021
September
2021
Fiscal
2020
% Change
Monthly average
$141.3
$142.5
--
--
-0.8%
Quarter-to-date average
$141.3
--
$141.1
--
0.1%
Year-to-date average
$136.7
--
--
$124.1
10.2%
(1)
Includes $35.4 billion of assets managed by CI and held by clients of advisors with Assante, CIPC and Aligned Capital as at October 31, 2021 ($34.7 billion at September 30, 2021 and $29.3 billion at October 31, 2020).
(2)
Month-end USD/CAD exchange rates of 1.239, 1.268 and 1.332 for October 2021, September 2021 and October 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, 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.
