CIXX - CIXX STOCK NEWS

CI Global Asset Management has launched two new equity mandates: the CI Global Climate Leaders Fund and the CI Alternative North American Opportunities Fund. The funds focus on climate leadership and high-growth companies, respectively. Both are available in mutual fund and ETF series, with trading starting today on the Toronto Stock Exchange under the tickers CLML, CLML.U, CNAO, and CNAO.U. CI GAM, managing $4 billion in liquid alternatives, aims to offer investors diverse strategies amidst market challenges.

CI Financial Corp. (TSX:CIX; NYSE:CIXX) has completed its acquisition of Dowling & Yahnke, LLC, a wealth manager with approximately US$5.1 billion in assets. This strategic move significantly boosts CI's presence in California and increases its U.S. assets to over US$65 billion, with total assets rising to approximately US$244 billion. CI aims to establish a leading private wealth platform in the U.S. through high-quality registered investment advisors. The addition of D&Y, recognized for its superior service, enhances CI's growth prospects in the competitive wealth management sector.

CI Financial Corp. has announced its agreement to acquire Radnor Financial Advisors, a wealth management firm focused on high-net-worth families in the Greater Philadelphia region. This acquisition will add approximately US$2.6 billion in assets to CI's U.S. RIA platform, increasing CI's total U.S. assets to about US$68 billion. The deal is part of CI's expansion strategy, marking its 19th acquisition in the U.S. since January 2020. The acquisition is expected to close in Q3 2021, pending regulatory approval.

CI Global Asset Management (CI GAM) announced a comprehensive rebranding of 156 investment funds to modernize its products and align them under a unified brand. This initiative includes changes to risk ratings for four funds and the discontinuation of certain sales charge options effective June 1, 2022. The rebranding aims to highlight CI GAM's extensive investment expertise and facilitate client engagement. New fund names will be launched in two phases, starting June 25, 2021, with no alterations to the investment objectives or portfolio management. CI GAM has also appointed Marc-André Lewis as Head of Investment Management.

d1g1t Inc. announced a successful fundraising round of $16 million CAD, led by CI Financial Corp., with participation from NAventures and MissionOG. These funds will be used to enhance platform capabilities, drive product innovation, and expand the sales and marketing teams, focusing on growth in the U.S. wealth management market. The company reported significant growth, doubling revenue and increasing its workforce by over 50% in 2020, serving top-tier wealth management firms across North America.

CI Financial Corp. held its annual shareholder meeting on June 16, 2021, where all nominated directors were successfully elected. William E. Butt received 99.30% approval, while David P. Miller garnered 82.35%. Shareholders also ratified Ernst & Young LLP as auditors but rejected the Board’s executive compensation proposal. Results details will be available on SEDAR. CI Financial is an independent firm offering asset management and advisory services, listed as CIX on the Toronto Stock Exchange and CIXX on the NYSE.

CI Financial Corp. (TSX: CIX, NYSE: CIXX) announced a Normal Course Issuer Bid allowing it to repurchase up to 18,194,790 common shares, representing 10% of its public float. The purchases may start on June 18, 2021, and run until June 17, 2022. CI aims to buy back shares that it believes may be undervalued based on its financial performance. Previously, under its existing bid, CI bought 19,114,591 shares at an average price of $18.55. The company will utilize an Automatic Securities Purchase Plan to facilitate purchases during blackout periods.

CI Global Asset Management announced changes to the risk ratings of two exchange-traded funds (ETFs): CI WisdomTree Europe Hedged Equity Index ETF (EHE) and CI WisdomTree International Quality Dividend Growth Index ETF (IQD). EHE's new rating is Medium-to-high, up from Medium, while IQD's rating is now Medium, upgraded from Low-to-medium. These changes are effective immediately and stem from an annual review based on the Canadian Securities Administrators' methodology. There were no alterations to the funds' investment objectives or management.

CI Global Asset Management (CI GAM) announced significant portfolio management changes affecting four U.S. equity, two global dividend, and two Canadian small-cap funds, effective June 28, 2021. The new management team will leverage CI GAM’s extensive resources and expertise in these sectors. There will be no changes to the investment objectives of the funds, which will now be managed internally, replacing Epoch Investment Partners and QV Investors. CEO Kurt MacAlpine emphasized the benefits of combining investment boutiques for enhanced research and management capabilities. The Independent Review Committee endorsed the changes.