CI Financial Corp. had gross retail sales of $587 million and net redemptions of $15 million for the month of August, the fund management company said Thursday.

Total assets under management at August 31, 2010 were $66.7 billion, a decrease of 0.5% over the month. Average retail assets under management for August were $63.4 billion, up 1.3% from $62.5 billion in July.

Sales consisted of $16 million in net redemptions of long-term funds and $1 million of net sales in money market funds. For the year-to-date, CI net sales of $1.2 billion.

Total fee-earning assets at August 31 were $88.5 billion. Assets under management consisted of retail investment funds at CI Investments Inc. of $63.2 billion and institutional assets of $3.6 billion. CI also reported assets under administration at Assante Wealth Management (Canada) Ltd. of $21.2 billion, and other fee-earning assets of $564 million.

IE