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CI Financial Corp. reported preliminary assets under management totaling $338.1 billion as of November 30, 2021. Key figures include $149.4 billion in total assets under management, with $188.7 billion in wealth management assets. The completion of acquisitions, including McCutchen Group LLC and Matrix Capital Advisors, added approximately $5.5 billion in U.S. wealth management assets. However, core assets under management decreased by 0.7% from the prior month.
Positive
Total assets under management increased by 1.9% compared to October 2021.
Acquisitions added approximately $5.5 billion to U.S. wealth management assets.
Total wealth management assets grew by 4.0% year-over-year.
Negative
Core assets under management decreased by 0.7% compared to October 2021.
Canadian wealth management assets fell by 0.9% from the previous month.
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 November 30, 2021 of $149.4 billion and wealth management assets of $188.7 billion, for total assets of $338.1 billion.
In November 2021, CI completed the previously announced acquisitions of McCutchen Group LLC of Seattle, a registered investment advisor (“RIA”) providing wealth management and family office services to high-net-worth and ultra-high-net-worth clients, and Matrix Capital Advisors, LLC, an RIA serving high-net-worth investors in the Chicago region. The transactions added approximately $5.5 billion to CI’s U.S. wealth management assets.
CI FINANCIAL CORP. November 30, 2021 PRELIMINARY MONTH-END ASSETS (C$ Billions)
ENDING ASSETS
November
2021
October
2021
% Change
November
2020
% Change
Core assets under management (1)
$141.7
$142.7
-0.7%
$127.5
11.1%
U.S. assets under management (2)
$7.7
$7.4
4.1%
$5.4
42.6%
Total assets under management
$149.4
$150.2
-0.5%
$132.9
12.4%
Canadian wealth management
$78.6
$79.3
-0.9%
$65.7
19.6%
U.S. wealth management (2)
$110.1
$102.3
7.6%
$16.6
563.3%
Total wealth management
$188.7
$181.5
4.0%
$82.3
129.3%
TOTAL
$338.1
$331.7
1.9%
$215.2
57.1%
CORE AVERAGE AUM
November
2021
October
2021
September
2021
Fiscal
2020
% Change
Monthly average
$144.6
$141.3
--
--
2.3%
Quarter to date average
$142.9
--
$141.1
--
1.3%
Year to date average
$137.5
--
--
$124.1
10.8%
(1)
Includes $35.3 billion of assets managed by CI and held by clients of advisors with Assante, CIPC and Aligned Capital as at November 30, 2021 ($35.4 billion at October 31, 2021 and $31.6 billion at November 30, 2020).
(2)
Month-end USD/CAD exchange rates of 1.278, 1.239 and 1.300 for November 2021, October 2021 and November 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, Matrix Capital Advisors, LLC, McCutchen Group 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.
