(October 4 – 12:30 ET) – C.I. Fund Management Inc. is reporting improved results for the three months ended August 31. Total revenues for the quarter were $151.3 million, up 148% from the prior year. CI says the revenue jump was due to the growth in assets.
Management fee revenues were $121.1 million for the quarter, up 156% from $47.3 million a year ago. Administration fees and other income totalled $5.5 million for the quarter and represented primarily the revenue earned on institutional assets at CI’s U.S. subsidiaries.
CI’s income before amortization of goodwill was $16.1 million or 18¢ a share, up 303% from $4 million, or 6¢ a share a year ago.
The fund company says the first quarter of fiscal 2001 was its ninth consecutive quarter of market share gains. Net sales of $1.18 billion combined with market appreciation resulted in CI’s mutual fund assets increasing by 13% from May 31 to $25.5 billion at August 31.
Total fee-earning assets for CI were $30.3 billion at the end of the quarter. CI says the increase reflects the growth in institutional assets at CI’s U.S. money management subsidiaries.
CI’s reports that its share of the Canadian mutual fund market increased from 5.53% at May 31, to 5.82% at August 31, with CI becoming the seventh-largest fund company in Canada. CI’s net sales of $1.18 billion for the quarter were 200% higher than the first quarter in the prior year.
At September 30, CI’s total mutual fund assets were $25.4 billion, up $1.2 billion from the average mutual fund assets in the quarter ended August 31.
-IE Staff