CI Financial Corp. (CIXX) reported a record quarterly adjusted EPS of $0.80 and an adjusted EBITDA per share of $1.30 for Q3 2021. Total assets reached $320.4 billion, a 65% increase year-over-year. The firm experienced net sales of $821 million, the highest since Q2 2015, aided by acquisitions like Portola Partners and Radnor Financial Advisors, boosting U.S. assets to $97.0 billion. CI repurchased 4.1 million shares for $99.7 million and paid $36.2 million in dividends, maintaining a quarterly dividend of $0.18.
CI Financial Corp reported preliminary assets under management of $150.2 billion and total wealth management assets of $181.6 billion as of October 31, 2021, totaling $331.8 billion. This marks a 3.6% increase from $320.4 billion in September 2021. CI completed the acquisition of Budros, Ruhlin & Roe, Inc. on October 1, 2021, adding $4.4 billion in assets. Key metrics include a 2.5% increase in total AUM and a robust growth in U.S. wealth management assets of $102.3 billion (+5.5%).
CI Financial Corp. has made a strategic investment in GLAS Funds, LLC, a platform for alternative investments. This partnership aims to enhance access to alternative asset classes for CI's high-net-worth clients. With approximately US$1.1 billion in assets, GLASfunds simplifies the investment process through a digital dashboard, reducing administrative burdens. CI's investment signifies its commitment to expanding its wealth management capabilities, with total assets expected to reach US$98.7 billion in the U.S. upon closing.
CI Financial Corp. (NYSE:CIXX) has announced plans to acquire Gofen and Glossberg, LLC, a wealth management firm valued at US$7.5 billion. This acquisition will boost CI's U.S. assets to approximately US$95 billion and strengthen its presence in Chicago and the Midwest. The deal is expected to finalize later this quarter pending regulatory approvals. Gofen boasts a 90-year history of providing tailored investment solutions to high-net-worth clients and is recognized in the Barron’s Top 100 RIA Firms and CNBC Financial Advisor 100 lists.
CI Financial Corp (NYSE:CIXX) has announced its acquisition of a majority interest in R.H. Bluestein & Co. based in Birmingham, Michigan, which manages approximately US$4.1 billion in assets. This strategic move aims to enhance CI's presence in the U.S. wealth management sector, increasing its assets to over US$87 billion. The transaction is expected to close later this quarter, subject to regulatory approvals. This acquisition is part of CI's strategy to build a leading private wealth platform in the U.S.
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CI Financial Corp. (NYSE:CIXX) is set to announce its financial results for Q3 2021 on November 11, 2021. The conference call will take place at 10:00 a.m. Eastern Time, featuring CEO Kurt MacAlpine and CFO Amit Muni. CI Financial managed approximately C$320.4 billion (US$252.7 billion) in client assets as of September 30, 2021. Investors can access the live webcast via CI's website or through designated numbers for international listeners.
CI Financial Corp. (NYSE:CIXX) announced the acquisition of McCutchen Group LLC, a wealth management firm specializing in ultra-high-net-worth clients with US$3.4 billion in assets under management. This deal is expected to elevate CI's wealth management assets in the U.S. to approximately US$83 billion, contributing to a global total of about US$260 billion. The acquisition marks CI's entry into the Pacific Northwest and is projected to enhance its client service offerings while maintaining its focus on personal advisory solutions.
CI Financial Corp reported strong preliminary results for Q3 2021 with $800 million in net sales, marking their best performance in over six years. Total assets under management reached $320.4 billion, which includes wealth management assets of $173.8 billion. Key acquisitions of Portola Partners Group and Budros, Ruhlin & Roe added $11.1 billion combined to their asset base. CI’s CEO noted that modernized operations in their Canadian retail segment have significantly boosted net flows, now positive year-to-date.
CI Global Asset Management announced cash distributions for various ETFs for the month ending October 31, 2021. The distributions will be paid on or before October 29, 2021, to unitholders of record on October 25, 2021. The ex-dividend date is set for October 22, 2021, except for the CI High Interest Savings ETF with an ex-dividend date of October 25, 2021. The distribution amounts per unit vary across different ETFs, with the CI Canadian Convertible Bond ETF (CXF) offering $0.0400 and the CI Yield Enhanced Canada Aggregate Bond Index ETF (CAGG) offering $0.1055.