CI Financial Corp. (TSX:CIX) posted net sales of $1.5 billion for calendar year 2009, down from 2008’s $1.8 billion, the wealth management firm said Monday.
Assets under management rose to $66.7 million by Dec. 31, 2009, up 22.1% from $54.6 million a year earlier.
CI posted gross retail sales of $8.5 billion for the year, with net sales consisting of $1.6 billion in net sales of long-term funds and $71 million in net redemptions of money market funds.
The firm recorded positive net sales in 11 of 12 months in 2009.
“In a year that started out with extreme challenges for financial markets, CI finished with growth in assets under management of 22% and continued as one of the top-selling fund companies in Canada,” says Stephen MacPhail, CI president.
CI’s successful product launches in 2009 included Signature Diversified Yield Fund and Signature Diversified Yield Corporate Class, which provide investors with exposure to high-yield asset classes. The funds were launched in mid-November and have already attracted $100 million in assets.
For the month of December, CI had gross sales of $808 million and net sales of $100 million, consisting of net sales of $81 million in long-term funds and $19 million in money market funds.
At December 31, 2009, CI had total fee-earning assets of $88.8 billion, an increase of $14.7 billion or 19.8% over the year.
Assets under management consisted of investment funds of $62.7 billion, which increased 23.4% in 2009, and institutional managed assets of $4.0 billion.
CI also had assets under administration at Assante Wealth Management (Canada) Ltd. of $21.4 billion and other fee-earning assets of $741 million.
IE