CI Financial Corp. Tuesday reported gross sales of $534 million and net sales of $65 million in August.

Net sales in the year-earlier period were $115 million.

Despite the year-over-year drop, CI posted its sixth consecutive month of asset growth, with assets under management at August 31, 2009, reaching $62.9 billion, an increase of $1.3 billion or 2.1% for the month.

Total fee-earning assets were $91.1 billion, an increase of $1.8 billion or 2.0% compared with July, but down from $100.6 billion as of Aug. 31, 2008.

CI subsidiaries CI Investments Inc. and United Financial Corporation had combined retail net sales of $76 million in long-term funds and $11 million in redemptions in money market funds for August.

As of August 31, 2009, assets under management consisted of investment funds and structured products at CI Investments and United Financial of $58.9 billion, and institutional assets of $4. billion.

CI also reported assets under administration of $27.4 billion, which consisted of $20.2 billion in assets under administration at Assante Wealth Management (Canada) Ltd. and $7.2 billion in assets under administration at Blackmont Capital Inc. Other fee-earning assets totalled $796 million.

IE