CI Financial Reports Total Assets of $304 billion for June 2021 and Positive Second Quarter Net Sales

Rhea-AI Summary

CI Financial Corp. reported preliminary assets under management of $144.8 billion and total assets of $304.0 billion as of June 30, 2021. The recent acquisition of Dowling & Yahnke added $7.1 billion in wealth management assets. Notably, CI experienced its first quarter of positive asset management segment net sales since Q3 2017, with $0.4 billion in net sales for Q2 2021, the strongest since Q3 2015. The CEO highlighted strategic enhancements made in the past 18 months, positioning CI for sustained sales growth.

Positive

• First quarter of positive net sales in asset management since Q3 2017.
• Total assets increased by 5.4% from May 2021.
• Wealth management assets rose by 9.0% from May 2021.

Negative

• Continued negative sales in Canadian Institutional segment at ($0.4 billion).

CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX) today reported preliminary assets under management as at June 30, 2021 of $144.8 billion and wealth management assets of $159.3 billion, for total assets of $304.0 billion.

On June 30, 2021, CI completed the previously announced acquisition of Dowling & Yahnke, LLC, adding $7.1 billion of wealth management assets.

CI also reported preliminary net sales results for the second quarter. The results represented CI’s first quarter of positive asset management segment net sales since the third quarter of 2017 and the strongest quarterly result since the third quarter of 2015.

“This is an exciting development for CI, having posted the best quarter for net sales in our Canadian retail business since 2015,” said Kurt MacAlpine, CI Chief Executive Officer. “We believe these results reflect the many enhancements we have made over the last 18 months as part of our strategic priority to modernize our asset management business. We are well positioned for continued sales growth due to these changes, which include the development of an integrated global investment platform, the introduction of timely new products and other improvements to our product lineup, and a new data-driven approach to marketing and distribution.”

CI FINANCIAL CORP. June 30, 2021 PRELIMINARY MONTH-END ASSETS (C$ Billions)
ENDING ASSETS	June 2021	May 2021	% Change		June 2020	% Change
Core assets under management (Canada and Australia) (1)	$138.2	$136.1	1.5	%	$121.3	13.9	%
U.S. assets under management	$6.6	$6.1	8.2	%	$4.3	53.5	%
Total assets under management	$144.8	$142.1	1.9	%	$125.6	15.3	%
Canadian wealth management	$75.5	$73.4	2.9	%	$49.0	54.1	%
U.S. wealth management	$83.8	$72.8	15.1	%	$4.9	n/a
Total wealth management	$159.3	$146.2	9.0	%	$53.9	195.5	%
TOTAL	$304.0	$288.3	5.4	%	$179.5	69.4	%

CORE AVERAGE AUM	June 2021	May 2021	March 2021	2020	% Change
Monthly average	$137.5	$135.1	--	--	1.8%
Quarter to date average	$135.9	--	$131.6	--	3.3%
Year to date average	$133.8	--	--	$124.1	7.8%

(1) Includes $34.5 billion of assets managed by CI and held by clients of advisors with Assante, CIPC and Aligned Capital as at June 30, 2021 ($33.8 billion at May 31, 2021 and $27.9 billion at June 30, 2020).

CI FINANCIAL CORP. June 30, 2021 PRELIMINARY QUARTER-END NET SALES RESULTS (C$ billions)
Asset Management Segment	2Q21	1Q21	4Q20	3Q20	2Q20
Canadian Retail	$0.5	($0.6)	($1.3)	($1.4)	($1.0)
Canadian Institutional	($0.4)	($0.4)	($0.9)	($1.1)	($0.8)
GSFM	$(0.0)	$0.0	($0.0)	$0.4	$0.0
U.S. RIAs	$0.4	$0.3	$0.3	$0.3	--
Closed Business	$(0.2)	($0.2)	($0.2)	($0.2)	($0.2)
TOTAL	$0.4	($0.9)	($2.1)	($2.0)	($1.9)

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, 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, 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.

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FAQ

What was CI Financial's total assets as of June 30, 2021?

CI Financial reported total assets of $304.0 billion as of June 30, 2021.

How much did CI Financial acquire in wealth management assets from Dowling & Yahnke?

CI Financial acquired $7.1 billion in wealth management assets from Dowling & Yahnke.

What were the net sales results for CI Financial in Q2 2021?

In Q2 2021, CI Financial reported net sales of $0.4 billion, the first positive result since Q3 2017.

How did CI Financial's assets under management change from May to June 2021?

Assets under management increased from $142.1 billion in May to $144.8 billion in June 2021.

What percentage increase did CI Financial’s wealth management assets experience from year to year?

Wealth management assets saw a 195.5% increase compared to June 2020.