(October 20 – 14:25 ET) – CI Funds says that it continues to lead the Canadian mutual fund industry in net sales with strong year-over-year growth.
CI ranked No. 1 in September, with net sales of $370 million, an increase of 80% from September 1999. CI’s net sales of $5.6 billion for the year-to-date also topped the industry and accounted for nearly a third of total net sales by members of the Investment Funds Institute of Canada.
“Given the extremely weak markets in September, we are thrilled to continue to gain significant net sales momentum,” said Stephen A. MacPhail, executive vice president and COO of C.I. Fund Management Inc.
More than 80% of CI’s funds posted net sales in September, with the company’s wide range of global funds continuing to attract the majority of assets. Funds managed by CI Global Advisors LLP and BPI Global Asset Management LLP – two of CI’s U.S. investment management subsidiaries – continued to experience significant inflows with $260 million in net sales.
CI says the Landmark Funds, managed by Derek Webb of Webb Capital Management LLP, are building momentum. These funds have already attracted $84 million in assets since their launch in July.
CI’s overall fee-earning assets were $30.4 billion at September 30, 2000, representing an increase of 41% for the year-to-date.
-IE Staff