CI Financial Inc. has completed its conversion into an income trust called the CI Financial Income Fund and announced its first distribution to unitholders.

The payment of 16.75¢ for each trust unit and exchangeable limited-partnership unit, payable July 14 to holders of record as of July 10.

“With the conversion, we have become one of the largest income trusts in Canada by market capitalization,” CEO William Holland said Friday in a news release. “We have significantly enhanced the value of the company and laid a solid foundation for a new phase in CI’s growth.”

Under the plan of arrangement, each common share of CI Financial has been exchanged for one unit of the fund or one Class B limited-partner unit of Canadian International LP and one special voting unit of the fund. Exchangeable LP units are exchangeable into trust units after Jan. 1, 2007.

There are about 138 million trust units and 146 million exchangeable LP units.