CI Mutual Funds Inc. had net redemptions of $61 million in December 2002. Total fee-earning assets were $33.8 billion at December 31, 2002, which included mutual fund assets under management of $27.9 billion and segregated fund assets of $1.2 billion.

The December sales totals included $110 million in sales resulting from the conversion of segregated fund assets into mutual fund assets. In addition, there were outflows of $106 million resulting from a rebalancing of investments by an institutional client. Excluding those transactions, CI had gross sales of $294 million and redemptions of $359 million, for net redemptions of $65 million in December. The comparable level of net
redemptions in November was $56 million.

CI had 23 funds with five-star rankings from Morningstar Canada as of November 30, 2002, the second-highest total in the industry. In addition, CI had 72 funds with a first-quartile return over one year. The first-quartile funds included funds managed by key Canadian equity managers Gerald Coleman (Harbour Fund), Kim Shannon (CI Canadian Investment Fund), Eric Bushell (Signature Select Canadian Fund) and Derek Webb (Landmark Canadian Fund).

The leadership of CI’s managers was also recognized at the Canadian Investment Awards in December. Coleman’s Harbour Fund was chosen Best Canadian Equity Fund and Signature Dividend Fund, managed by Bushell and Ben Cheng, was named Best Dividend Fund for a second consecutive year.