CI Financial reports assets under management for April 2020 and announces completion of One Capital Management acquisition

TORONTO (May 6, 2020) - CI Financial Corp. (“CI”) (TSX: CIX) today reported preliminary assets under management at April 30, 2020 of $118.8 billion and assets under administration of $47.5 billion, for total fee-earning assets of $166.3 billion.

 

CI also reported the completion of its previously announced acquisition of a majority interest in One Capital Management, LLC (“One Capital”), a California-based registered investment advisor.

 

In the month of April, assets under management and assets under administration increased by 6.9% and 6.5%, respectively. Year over year, assets under management declined 10.3% while assets under administration improved 1.3%. Assets under administration include the assets of Assante Wealth Management (Canada) Limited, CI Private Counsel LP, WealthBar Financial Services Inc., Virtual Brokers, and Surevest LLC.

 

CI’s average assets under management for the quarter-to-date were $114.6 billion, compared to the average of $127.2 billion for the first quarter of 2020.

 

CI’s practice is to report preliminary statistics at each month-end. As a result, statistics for prior periods may not match those previously reported. Due to market volatility in March, the ending and average AUM for the first quarter reflect a larger-than-usual adjustment from the numbers previously reported.

 

One Capital Management

 

The acquisition of a majority stake in One Capital is part of CI’s strategic priority to globalize the firm through the acquisition of select U.S. RIAs. CI has also acquired a majority interest in Surevest LLC and has reached an agreement to acquire a strategic interest in The Cabana Group LLC, while continuing to pursue other opportunities for growth in this sector. 

 

One Capital is a uniquely positioned wealth management firm with robust cross-border servicing capabilities. It boasts a well-developed expertise in advanced wealth planning, including specializations in family office services and a division focused on the needs of professional athletes and entertainers.

 

Further information about CI’s assets and financial position can be found below in the tables of statistics and on its website, www.cifinancial.com. These are the only statistics authorized by CI, and CI takes no responsibility for reporting by any external sources.

 

CI FINANCIAL CORP.
April 30, 2020
PRELIMINARY MONTH-END STATISTICS

ENDING ASSETS

April 30/20

(billions)

March 31/20

(billions)

%

Change

April 30/19

(billions)

%

Change

Assets under management $118.8 $111.1 6.9% $132.4 -10.3%
Assets under administration1 47.5 44.6 6.5% 46.9 1.3%
TOTAL $166.3

$155.7

6.8%

$179.3

-7.3%

 

MONTHLY AVERAGE
ASSETS UNDER MANAGEMENT
April 30/20
(billions)
March 31/20
(billions)
%
Change

Monthly average

$114.6

$115.3

-0.6%

 

FISCAL QUARTER AVERAGE

ASSETS UNDER MANAGEMENT

April 30/20
(billions)
March 31/19
(billions)
%
Change
Fiscal quarter average

$114.6

$127.2

-9.9%

 

FISCAL YEAR AVERAGE
ASSETS UNDER MANAGEMENT
Fiscal 2020
(billions)
Fiscal 2019
(billions)
%
Change
Fiscal year average

$124.0

$129.8

-4.5%

 

EQUITY
(millions)
FINANCIAL POSITION
(millions)

Total outstanding shares (TSX)

217.6

Debt outstanding

$1,631

QTD weighted avg. shares

216.6

Net debt outstanding

$1,393

 

1 Includes assets managed by CI and held by clients of advisors with Assante and CI Private Counsel LP.

 

About CI Financial

 

CI Financial Corp. (TSX: CIX) is an independent, publicly traded company offering global asset management and wealth management advisory services. Its primary operating businesses are CI Investments Inc., Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, GSFM Pty Ltd., WealthBar Financial Services Inc., BBS Securities Inc. and Surevest LLC 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.

 

For further information:

Investor Relations
CI Financial Corp.
(416) 364-1145

 

 

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