CI Financial reports assets under management

TSX Symbol: CIX

TORONTO, Aug. 1, 2013 /CNW/ - CI Financial Corp. ("CI") today reported a new month-end record for assets under management of $83.7 billion as of July 31, 2013. Total assets were $108.8 billion.

CI's assets under management have grown by $12.0 billion or 16.7% since July 31, 2012, and increased by $2.0 billion or 2.5% for the month of July 2013. In comparison, the S&P/TSX Composite Total Return Index was up 10.5% over the 12-month period and 3.2% in July.

CI's assets under management at July 31, 2013 of $83.7 billion represented an increase of $2.0 billion or 2.4% over the average assets under management for the second quarter of 2013 and an increase of $11.1 billion or 15.2% over the average for fiscal year 2012.

"Fund performance continues to drive strong sales, with CI posting its highest level of gross sales and the second-highest level of net sales for the month of July in its history," said Stephen A. MacPhail, President and Chief Executive Officer.

"Furthermore, in July we launched the innovative G5|20 Series, a new product for the retirement market that offers a diversified investment portfolio and guaranteed cash flows over 20 years. There has been a high level of interest in G5|20 Series in its first few weeks and we are very excited about its potential."

CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $25.1 billion at July 31, 2013, an increase of 14.4% year over year.

CI is scheduled to release its financial results for the second quarter on August 8, 2013.

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

CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth management company. CI offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.cifinancial.com. 

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Except as described below, mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Bank of Montreal guarantees that, following the five-year Accumulation Phase of the G5|20 fund, an amount equal to the greater of the net asset value per unit or the original amount you paid for the unit will be paid back to you over a 20-year period in equal monthly instalments. This guarantee does not apply to units redeemed before the end of that period. You will receive the net asset value per unit for any unit redeemed early. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.

SOURCE: CI Investments Inc.