CI Financial Income Fund brought in net sales of $140 million in the month of November, down from sales of $173 million in the same month last year, the wealth management company reported on Monday.

The net sales included $132 million in long-term funds and $23 million in money market funds by CI subsidiaries CI Investments Inc. and United Financial Corporation.

“The strong net sales in the current environment demonstrate our clients’ confidence in CI and our portfolio managers,” said Stephen MacPhail, CI president. :In particular, interest in the SunWise Elite Plus Segregated Funds, with their principal and income guarantees, continues to grow.”


In addition, there were $15 million in net redemptions related to several series of deposit notes. These series use asset allocation strategies that move money out of mutual funds when markets are declining, so the redemptions reflect a rebalancing of the deposit notes and not a redemption by clients from the product.

These net redemptions were down from a significant $340 million in the month of October.

For the year-to-date, CI had gross sales of $10.8 billion and net sales of $1.6 billion. The company’s gross sales so far this year are up slightly from $10.6 billion at the same time last year, and net sales are down slightly from $1.8 billion.

As of November 30, assets under management were $53.7 billion, down 4% from October, and total fee-earning assets were $78.9 billion, down 4.3% from October. These levels are down from assets under management of $67.6 billion and fee-earning assets of $95 billion at the same time in 2007.

Total assets under management in November consisted of investment funds at CI Investments and United Financial of $49.6 billion, institutional assets of $3.7 billion and structured product assets of $401 million.

CI also reported assets under administration of $24.1 billion, which consisted of $17.9 billion in assets under administration at Assante Wealth Management (Canada) Ltd. and $6.2 billion in assets under administration at Blackmont Capital Inc. Other fee-earning assets totalled $1.0 billion.

http://www.newswire.ca/en/releases/archive/December2008/01/c5729.html