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CI Global Asset Management (CI GAM) has announced cash distributions for various CI ETFs for the month ending June 30, 2021. The distributions will be paid to unitholders of record on June 24, 2021, with the ex-dividend date set for June 23, 2021, except for the CI High Interest Savings ETF, which has an ex-dividend date of June 24, 2021. The distribution amounts per unit vary across funds, with notable payouts such as CI Tech Giants Covered Call ETF at $0.4204 and CI Gold+ Giants Covered Call ETF at $0.2419. Investors can opt into the CI Distribution Reinvestment Plan (DRIP) to reinvest these distributions.
CI Financial Corp (TSX: CIX, NYSE: CIXX) announced preliminary assets under management of $142.1 billion and total assets of $288.3 billion as of May 31, 2021. The company experienced a 0.8% increase in total assets compared to April 2021, reflecting solid growth. Wealth management assets totaled $146.2 billion, with Canadian operations contributing $73.4 billion and U.S. operations $72.8 billion. Notably, CI's U.S. assets have seen a remarkable increase of 154.2% year-over-year. The upcoming acquisition of Dowling & Yahnke, LLC, valued at $6.3 billion, is projected to further enhance CI's asset base.
CI Global Asset Management has appointed Marc-André Lewis as Executive Vice-President and Head of Investment Management. Lewis, formerly with the Abu Dhabi Investment Authority, brings extensive experience in asset allocation and portfolio construction. His appointment, effective September 1, 2021, follows the planned retirements of Eric Bushell and Bob Lyon, ensuring a smooth transition with experienced CI GAM portfolio managers taking over their duties. The leadership changes are part of CI GAM's strategy to transform into an integrated global investment manager.
CI Financial Corp. (TSX: CIX; NYSE: CIXX) has announced a public offering of US$900 million in 4.100% notes due 2051. The proceeds will be used to repay existing debt and for general corporate purposes. The offering is expected to close on June 7, 2021, and is conditioned on customary factors. BofA Securities, Inc. is the book-running manager. The notes will not be offered in Canada or to Canadian residents and are registered under the Securities and Exchange Commission's Multijurisdictional Disclosure System.
CI Global Asset Management has announced new portfolio management appointments to enhance its dividend and Canadian equity funds, reflecting its integrated investment platform.
CEO Kurt MacAlpine stated that these appointments leverage diverse expertise, aligning portfolio managers by strategy. The transition aims to foster collaboration and research insights, reportedly leading to improved fund performance. The management changes are effective immediately and involve seasoned professionals like Peter Hofstra and Bryan Brown, enhancing the management of multiple key funds.
CI Global Asset Management announced new portfolio management appointments aimed at enhancing its integrated investment platform. The appointments include experienced professionals overseeing various dividend and Canadian equity funds, which reflect the company's strategy to align teams by investment strategy rather than boutique. CEO Kurt MacAlpine emphasized that this integration is improving fund performance due to better collaboration and resource sharing. Notably, CI GAM manages approximately $287.5 billion in assets as of April 30, 2021.
Assante Wealth Management has been recognized as the top firm in investor satisfaction among full-service investment companies in the J.D. Power 2021 Canada Full-Service Investor Satisfaction Study. The firm excelled particularly in the area of trust. Sean Etherington, Assante's President, attributed this success to the dedication of their advisors and the firm’s holistic approach to wealth management. CI Financial Corp.'s CEO, Kurt MacAlpine, noted Assante's success during the pandemic and their commitment to enhancing client support. This marks a continuation of Assante's strong performance in previous years.
CI Financial Corp. (TSX:CIX, NYSE:CIXX) announced its financial results for Q1 2021, showcasing record adjusted earnings per share of $0.73, a 30% increase year-over-year. The company's adjusted revenue rose 22% to $603.2 million, driven by higher asset levels and strategic acquisitions. CI's assets reached $240.6 billion, increasing 55% year-over-year, while total wealth management assets hit a record $102.1 billion. CI repurchased 6.6 million shares and paid dividends of $0.18 per share, reflecting strong capital allocation efforts.
CI Financial Corp. (TSX: CIX; NYSE: CIXX) is set to acquire Dowling & Yahnke, LLC, a San Diego-based investment advisor with US$5.1 billion in assets. This acquisition is expected to increase CI's total U.S. assets to US$63 billion and enhance its growth in the wealth management sector. The transaction will double CI’s assets in Southern California and marks its 18th registered investment advisor (RIA) acquisition. D&Y is recognized for its client dedication and has been consistently ranked among the top RIAs in the U.S.
CI Global Asset Management has successfully merged the CI Galaxy Bitcoin Fund (TSX: BTCG) into the CI Galaxy Bitcoin ETF (TSX: BTCX) as of May 7, 2021. Unitholders received units of the ETF based on an exchange ratio of 2.336595:1, totaling 13,405,314 units issued. This merger is aimed at enhancing liquidity and achieving greater economies of scale, with the Continuing ETF boasting a management fee of 0.40%, the lowest for any bitcoin ETF. The costs of the merger will be borne by CI GAM.
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