All financial amounts in Canadian dollars unless stated otherwise.
CI Financial Corp. (“CI”) (TSX: CIX) today reported preliminary total assets of $398.9 billion as at June 30, 2023, consisting of asset management assets of $122.4 billion, Canadian wealth management assets of $82.6 billion, and U.S. wealth management assets of $194.0 billion.
In June, CI completed the previously announced sale of its minority stake in Boston-based Congress Wealth Management, LLC (“Congress”), which was held through CI’s U.S. subsidiary, CI Private Wealth, LLC (“CIPW”). Also during the month, CIPW completed the acquisition of La Ferla Group, LLC (“La Ferla”), a registered investment advisor firm based in Garden City, New York, with offices in Bethesda, Maryland, and Macon, Georgia. As a result, the change in CI’s U.S. wealth management assets reflects the sale of Congress, offset by the addition of La Ferla and organic growth.
CI also reported preliminary net sales results for its asset management businesses for the second quarter of 2023, as well as the preliminary fee rate for the Canadian asset management business. Canadian retail had slightly positive net sales for the quarter and positive net sales of $0.8 billion for the first half of the year. CI’s overall asset management segment had net redemptions of $0.1 billion in the second quarter and net sales of $0.3 billion for the first half of 2023.
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CI FINANCIAL CORP.
June 30, 2023
PRELIMINARY MONTH-END ASSETS (C$ Billions)
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ENDING ASSETS
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June
2023
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May
2023
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% Change
|
June
2022
|
% Change
|
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Asset management (1)
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$122.4
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$120.8
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1.3%
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$116.1
|
5.4%
|
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Canada wealth management
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$82.6
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$81.1
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1.8%
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$74.1
|
11.5%
|
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U.S. wealth management (2)
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$194.0
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$199.1
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-2.6%
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$143.5
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35.2%
|
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TOTAL ASSETS
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$398.9
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$401.1
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-0.5%
|
$333.7
|
19.5%
|
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ASSET MANAGEMENT – AVERAGE AUM
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June
2023
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May
2023
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March
2023
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Fiscal
2022
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% Change
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Monthly average
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$121.8
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$122.1
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-
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-
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-0.2%
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Quarter-to-date average
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$122.1
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-
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$121.9
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-
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0.2%
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Year-to-date average
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$122.0
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-
|
-
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$125.0
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-2.4%
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PRELIMINARY QUARTER-END NET SALES RESULTS (C$ billions)
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ASSET MANAGEMENT
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2Q23
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1Q23
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4Q22
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3Q22
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2Q22
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Canadian retail
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$0.0
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$0.8
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$1.6
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$0.6
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($0.4)
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Canadian institutional
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$0.0
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($0.2)
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($0.2)
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($0.0)
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($3.2)
|
|
Australian asset management
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$0.1
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($0.1)
|
$0.0
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($0.4)
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($0.1)
|
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Closed business
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($0.2)
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($0.2)
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($0.2)
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($0.1)
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($0.2)
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TOTAL ASSET MANAGEMENT SEGMENT
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($0.1)
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$0.4
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$1.3
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$0.1
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($3.9)
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U.S. asset management (3)
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($0.3)
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($0.1)
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$0.6
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($0.0)
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($0.2)
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PRELIMINARY ASSET MANAGEMENT SEGMENT FEE RATE
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2Q23
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1Q23
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4Q22
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3Q22
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2Q22
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Net management fees/average AUM (bps)
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84.7
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86.0
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87.2
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88.0
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88.6
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1.
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Includes $32.8 billion of assets managed by CI and held by clients of advisors with Assante, CIPC and Aligned Capital as at June 30, 2023 ($32.5 billion at May 31, 2023 and $30.8 billion at June 30, 2022).
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2.
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Month-end USD/CAD exchange rates of 1.3248, 1.3575 and 1.2872 for June 2023, May 2023 and June 2022, respectively. |
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3.
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Includes 100% of inflows from CI’s minority investments in Columbia Pacific Advisors, OCM Capital Partners, The Cabana Group, and GLASfunds Holdings. |
About CI Financial
CI Financial Corp. is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. Founded in 1965, CI has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning, and a comprehensive product suite.
CI operates in three segments:
- Asset Management, which includes CI Global Asset Management, which operates in Canada, and GSFM Pty Ltd., which operates in Australia.
- Canadian Wealth Management, which includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth (Canada), Northwood Family Office, CI Direct Investing and CI Investment Services.
- U.S. Wealth Management, which includes CI Private Wealth (U.S.), an integrated wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States.
CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit CI’s website or LinkedIn page.
CI Global Asset Management is a registered business name of CI Investments Inc., a wholly owned subsidiary of CI Financial Corp.
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