CI Financial Income Fund ("CI") today reported assets under management of $55.9 billion and total fee-earning assets of $82.0 billion as of October 31, 2008.
CI subsidiaries CI Investments Inc. and United Financial Corporation had combined gross sales of $836 million. Retail net sales of long-term funds were $10 million.
CI's sales during the month also included $340 million in net redemptions related to several series of deposit notes, which use asset allocation strategies in which money is moved out of mutual funds when markets are declining. These institutional transactions reflect a rebalancing of the deposit notes and not a redemption by clients from the product. As a result of this rebalancing, CI had overall net redemptions of $340 million.
"To have positive long-term fund sales during one of the worst months on the markets in history is extraordinary," said Stephen A. MacPhail, CI President. "Our sales reflect the strength of our portfolio managers and the diversity and excellent relative performance of our lineup. Portfolio managers such as Gerry Coleman of Harbour Advisors, Eric Bushell of Signature Global Advisors, and Daniel Bubis of Tetrem Capital Management have outperformed the index for the month and the year-to-date."
CI's best-selling products in October included the SunWise Elite Segregated Funds, including SunWise Elite Plus funds with the guaranteed minimum withdrawal benefit, which provides a guaranteed income for life. Other top sellers included the Harbour Funds, the Cambridge Funds, Portfolio Series and the Evolution Private Managed Accounts, a new managed solution that was launched by United Financial in September.
For the year-to-date, CI had gross sales of $10.0 billion and net sales of $1.5 billion. Total assets under management at October 31, 2008 consisted of investment funds at CI Investments and United Financial of $51.9 billion, institutional assets of $3.5 billion and structured product assets of $437 million. CI also reported assets under administration of $25.1 billion, which consisted of $18.4 billion in assets under administration at Assante Wealth Management (Canada) Ltd. and $6.7 billion in assets under administration at Blackmont Capital Inc. Other fee-earning assets totalled $1.1 billion. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
