(April 5 – 17:50 ET) – C.I. Fund Management Inc. released unaudited financial results for the three months and nine months ended February 29, 2000. C.I.’s third quarter of fiscal 2000 represented the most successful quarter in its history, says the company.
Net sales of $2.33 billion combined with market appreciation resulted in C.I.’s assets under management increasing by $6.3 billion or 32% to $25.7 billion at the end of the quarter. Total assets under management have increased $16.0 billion or 165% this fiscal year.
C.I.’s growth has significantly exceeded that of the overall mutual fund industry, resulting in large market share gains for C.I. At February 29, 2000, C.I.’s market share was 5.47%, up from 2.67% by May 31, 1999, and 4.52% at November 30, 1999. C.I. is now ranked as Canada’s eighth largest mutual fund company, compared with a ranking of fourteenth one year prior.
Net sales of C.I.’s funds during the quarter were $506 million in December 1999, $595 million in January 2000 and $1,230 million in February 2000. Total net sales of $2,331 million for the quarter represented an increase of 187% from the quarter ended November 30, 1999, and 455% from the quarter ended February 28, 1999.
C.I. Global Advisors LLP, which is led by William Sterling and majority-owned by C.I., had assets under management of $7.9 billion at February 29, 2000, up 65% from $4.8 billion at November 30, 1999. Assets under management at BPI Global Asset Management, also majority-owned by C.I., totaled $6.2 billion at February 29, 2000, up 41% from $4.4 billion at November 30, 1999. C.I. now manages 76% of its assets internally, continuing its strategy to have an increasing proportion of its assets managed by high profile internal managers.
Total revenues for the quarter ended February 29, 2000, were $129 million, up 150% from the prior year. The primary reason for the increase in revenues was the growth in assets under management. Management fee revenues were $92.1 million for the quarter, up 141% from $38.2 million for the quarter ended February 28, 1999, and up 25% from $73.9 million in the quarter ended November 30, 1999.
C.I.’s net sales for March 2000 were $1.3 billion — its highest monthly total ever. At April 5, 2000, C.I.’s total assets were $26.3 billion, up 19% from the average mutual fund assets under management in the quarter ended February 29, 2000. The current level of C.I.’s assets will generate a proportionate increase in management fee revenues from those achieved in the third quarter. As a result, management is optimistic about the prospects for C.I. over the foreseeable future.
The Board of Directors today declared a quarterly dividend of $0.0125 per common share payable on June 15, 2000, to shareholders of record on June 1,
2000.
-IE Staff