CI Financial Corp. (“CI”) (TSX: CIX) today reported preliminary total assets of $421.0 billion as at September 30, 2023, consisting of asset management assets of $119.0 billion, Canadian wealth management assets of $81.5 billion, Canadian custody assets of $23.4 billion, and U.S. wealth management assets of $197.0 billion.
CI FINANCIAL CORP. September 30, 2023 PRELIMINARY MONTH-END ASSETS (C$ Billions) | |||||
ENDING ASSETS | September 2023 | August 2023 | % Change | September 2022 | % Change |
Asset management (1) | $119.0 | $122.7 | -3.0% | $114.2 | 4.2% |
Canada wealth management | $81.5 | $83.7 | -2.6% | $74.0 | 10.1% |
Canada custody (2) | $23.4 | $23.9 | -2.1% | $6.6 | 254.5% |
U.S. wealth management (3) | $197.0 | $201.6 | -2.3% | $149.8 | 31.5% |
TOTAL ASSETS | $421.0 | $431.9 | -2.5% | $344.6 | 22.2% |
ASSET MANAGEMENT – AVERAGE AUM | September 2023 | August 2023 | June 2023 | Fiscal
| % Change |
Monthly average | $121.2 | $122.2 | - | - | -0.8% |
Quarter-to-date average | $122.1 | - | $122.1 | - | 0.0% |
Year-to-date average | $122.0 | - | - | $125.0 | -2.4% |
PRELIMINARY QUARTER-END NET SALES RESULTS (C$ billions) | |||||
Asset Management | 3Q23 | 2Q23 | 1Q23 | 4Q22 | 3Q22 |
Canadian retail | ($0.1) | $0.0 | $0.8 | $1.6 | $0.6 |
Canadian institutional | ($0.1) | $0.0 | ($0.2) | ($0.2) | ($0.0) |
Australian asset management | ($0.1) | $0.1 | ($0.1) | $0.0 | ($0.4) |
Closed business | ($0.2) | ($0.2) | ($0.2) | ($0.2) | ($0.1) |
Asset management segment | ($0.4) | ($0.1) | $0.4 | $1.3 | $0.1 |
U.S. asset management (4) | $0.0 | ($0.3) | ($0.1) | $0.6 | ($0.0) |
PRELIMINARY ASSET MANAGEMENT SEGMENT FEE RATE | |||||
3Q23 | 2Q23 | 1Q23 | 4Q22 | 3Q22 | |
Net management fees/average AUM (bps) | 83.8 | 84.7 | 86.0 | 87.2 | 88.0 |
- Includes $31.8 billion of assets managed by CI and held by clients of advisors with CI Assante Wealth Management, CI Private Counsel (CIPC) and Aligned Capital Partners as at September 30, 2023 ($33.0 billion at August 31, 2023 and $30.4 billion at September 30, 2022).
- Includes $19.7 billion of assets advised by CI and held by clients of advisors with Assante, CIPC, CI Direct Investing and Aligned Capital as at September 30, 2023 ($20.1 billion at August 31, 2023 and $4.2 billion at September 30, 2022). Prior to July 2023, custody assets were historically not included as part of reported assets for Canada wealth management or consolidated total assets.
- Month-end USD/CAD exchange rates of 1.3582, 1.3512 and 1.3813 for September 2023, August 2023 and September 2022, respectively.
- Includes 100% of inflows from CI’s minority investments in Columbia Pacific Advisors, OCM Capital Partners, The Cabana Group and GLASfunds Holdings.
About CI Financial
CI Financial Corp. is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. Founded in 1965, CI has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning, and a comprehensive product suite.
CI operates in three segments:
- Asset Management, which includes CI Global Asset Management, which operates in Canada, and GSFM Pty Ltd., which operates in Australia.
- Canadian Wealth Management, which includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth (Canada), Northwood Family Office, CI Direct Investing and CI Investment Services.
- U.S. Wealth Management, which includes Corient Private Wealth, an integrated wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States.
CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit CI’s website or LinkedIn page.
CI Global Asset Management is a registered business name of CI Investments Inc., a wholly owned subsidiary of CI Financial Corp.
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