CI Financial Income Fund reported on Monday record assets under management of $64.6 billion and record fee-earning assets of $84.3 billion as of March 31. CI posted gross sales of $1.1 billion and net sales of $309 million during the month.
CI Investments Inc. had gross sales of $945 million and net sales of $280 million in March, comprised of $241 million in net sales of long-term funds and $39 million of money market funds. United Financial Corp. had gross sales of $196 million and net sales of $29 million.
CI’s assets under management as of March 31 consisted of investment fund assets at CI Investments and United Financial of $63.6 billion and structured products/closed-end funds of $928 million. CI’s administered/other assets of $19.7 billion included institutional assets at Trilogy Global Advisors, LLC, which generate fees for CI, and $17.8 billion in assets under administration at Assante Wealth Management (Canada) Ltd. and IQON Financial Inc. (net of assets under management at United Financial), which generate fees for those companies.
For the year-to-date, CI had gross sales of $3.5 billion and net sales of $914 million. Average assets under management for the three months were $63.7 billion, up $3.1 billion or 5.0% from the previous quarter.
“This was a terrific quarter for CI,” said Stephen A. MacPhail, president and chief operating officer. “With average assets rising 5% from the record-setting prior quarter and net sales of over $900 million, fiscal 2007 is off to a great start. Given that our assets under management at March 31 are up 1.4% from the average for the quarter, we are well positioned to benefit from stable to rising financial markets.”
Also in March, Morningstar Canada announced that CI Investments continued to lead the industry with 41 mutual and segregated funds holding the top five-star rating at Feb. 28.
CI Financial reports record asset levels for March
Average assets rose 5% from the record-setting previous quarter
- By: IE Staff
- April 2, 2007 April 2, 2007
- 16:04