CIX CI Financial Corp

TORONTO, Sept. 4, 2020 /CNW/ - CI Financial Corp. ("CI") (TSX: CIX) today reported preliminary assets under management at August 31, 2020 of $130.3 billion and wealth management assets of $58.9 billion, for total assets of $189.2 billion. These results represent month-end record highs for wealth management assets and total assets for CI.

In the month of August, CI's assets under management increased by $1.2 billion or 0.9%, while Canadian wealth management assets increased by 1.0% to $50.7 billion and U.S. wealth management assets increased by 1.2% to $8.2 billion.

Year over year, assets under management grew by 1.1% and Canadian wealth management assets were up 6.3%. Canadian wealth management assets include the assets of Assante Wealth Management (Canada) Limited, CI Private Counsel LP, WealthBar Financial Services Inc. (carrying on business as CI Direct Investing) and Virtual Brokers. CI's U.S. wealth management business consists of its interests in four registered investment advisory firms: The Cabana Group, LLC, Congress Wealth Management, LLC, One Capital Management, LLC, and Surevest LLC. Year-over-year data is not available given that CI has acquired these interests in 2020.

CI's average core assets under management for the quarter-to-date were $124.7 billion, an increase of $6.3 billion or 5.3% over the average of $118.4 billion for the second quarter of 2020.

Further information about CI's assets and financial position can be found below in the tables of statistics and on its website, www.cifinancial.com. These are the only statistics authorized by CI, and CI takes no responsibility for reporting by any external sources.

About CI Financial

CI Financial Corp. (TSX: CIX) is an independent company offering global asset management and wealth management advisory services. CI's primary asset management businesses are CI Investments Inc. and GSFM Pty Ltd., and it operates in wealth management through Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, WealthBar Financial Services Inc., BBS Securities Inc., The Cabana Group, LLC, Congress Wealth Management, LLC, One Capital Management, LLC and Surevest LLC. Further information is available at www.cifinancial.com.

All financial amounts in Canadian dollars unless otherwise specified.

This press release contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI Financial Corp. ("CI") and its products and services, including its business operations, strategy and financial performance and condition. Forward-looking statements are typically identified by words such as "believe", "expect", "foresee", "forecast", "anticipate", "intend", "estimate", "goal", "plan" and "project" and similar references to future periods, or conditional verbs such as "will", "may", "should", "could" or "would". These statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management's control.  Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that the investment fund industry will remain stable and that interest rates will remain relatively stable.  Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI's disclosure materials filed with applicable securities regulatory authorities from time to time. The foregoing list is not exhaustive and the reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, CI undertakes no obligation to update or alter any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.

SOURCE CI Financial Corp.