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- Record quarterly adjusted EPS1<\/sup> of $0.75; basic EPS at $0.58 <\/b><\/li>\n
- Record adjusted EBITDA1<\/sup> per share and record quarterly revenues of $662.4 million <\/b><\/li>\n
- Record total assets of $304.0 billion, a 69% increase year over year<\/b><\/li>\n
- Asset management net flows at highest level in six years<\/b><\/li>\n
- Continued wealth management expansion with transactions adding $50 billion; U.S. assets reach $83.8 billion<\/b><\/li>\n
- Completed 30-year bond offering, raising US$900 million of long-term capital to further pursue strategic initiatives<\/b><\/li>\n
- Key steps in modernization of asset management included new Head of Investment Management, rebranding funds, launch of cryptocurrency and other mandates<\/b><\/li>\n
- Repurchased 6.0 million shares for $132.1 million<\/b><\/li>\n
- Paid quarterly dividend of $0.18 a share, totalling $36.7 million<\/b><\/li>\n<\/ul>\n
All financial amounts in Canadian dollars as at June 30, 2021, unless otherwise stated.<\/span><\/i><\/p>\n
TORONTO–(BUSINESS WIRE<\/a>)–CI Financial Corp<\/a>. (\u201cCI\u201d) (TSX: CIX, NYSE: CIXX) today released financial results for the quarter ended June 30, 2021.\n<\/p>\n
\n\u201cCI had another very successful quarter, once again earning record adjusted earnings per share1<\/sup> and hitting new milestones in the execution of our strategic priorities,\u201d said Kurt MacAlpine, CI Chief Executive Officer. \u201cFor the first time ever, CI\u2019s total assets have exceeded $300 billion and wealth management assets have surpassed our assets under management, due to the rapid progress in building out our U.S. private wealth platform.\n<\/p>\n
\n\u201cWe added $50 billion in wealth assets during the second quarter alone through the acquisition of five U.S. firms, and we have signed two additional agreements that will boost our U.S. assets to approximately $91 billion,\u201d Mr. MacAlpine said. \u201cWe have scaled up our U.S. wealth management business in a short time, and it\u2019s making increasingly meaningful contributions to CI\u2019s revenues and earnings.\n<\/p>\n
\n\u201cOur global wealth management platform continues to generate strong organic growth with net inflows of $4 billion during the first half of 2021, highlighting our strong momentum and the high quality of the franchises we have acquired,\u201d Mr. MacAlpine said. \u201dIn asset management, we had net sales of $530 million in Canadian retail and overall net sales of $356 million, our first positive quarter since the third quarter of 2017 and the strongest in six years. We believe this is a direct result of the many changes we have made over the last 18 months to modernize that business.\u201d\n<\/p>\n
\nMr. MacAlpine continued, \u201cThe second quarter was marked by further significant enhancements, including the hiring of Marc-Andr\u00e9 Lewis as our first-ever Head of Investment Management. As an experienced and sophisticated investor with stellar global leadership experience, Marc-Andr\u00e9 is an ideal choice to lead our integrated global investment platform.\n<\/p>\n
\n\u201cAnother major step for CI in June and July was the rebranding of over 150 funds, where we retired the legacy boutique names and unified our branding under the CI name. This step simplifies our offering for advisors and investors and aligns the fund names with the integration of our investment boutiques into one CI Global Asset Management team. Lastly, we continued to set the pace in product development, becoming the only company in the world to offer access to the two major cryptocurrencies through both ETFs and mutual funds.\u201d\n<\/p>\n
Financial highlights <\/b><\/p>\n
- Record adjusted EBITDA1<\/sup> per share and record quarterly revenues of $662.4 million <\/b><\/li>\n
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