CI Financial Corp has reported higher net income for the fourth quarter of 2019, but lower for the full year ended Dec. 31, 2019.
Net income for the quarter reached $147.3-million, up from the $138.8-million reported at the end of September 2019, and up from the $140.4-million reported for the fourth quarter in 2018. Net income available to shareholders for the fiscal year ending Dec. 31 reached $538.4-million, down from $617.5 million for the year in 2018.
Total assets under management and advisement reached almost $181.9-billion, up from the $166-billion reported at the end of December 2018. CI’s ending assets under management, not including assets under advisement, were $132.1-billion at the end of 2019, compared to $124.4-billion at the end of December 2018. The company reported $1.9-billion in overall net redemptions for the fourth quarter of 2019.
SG&A expenses for the fourth quarter ($113.8-million), were down nine per cent from $124.6-million in the third quarter of 2019, and down eight per cent from $123.5-million reported in 2018.
“We achieved a record financial quarter by being diligent in reducing our selling, general and administrative (SG&A) expenses to $113.8-million, a result of right-sizing our business to reflect the current industry environment,” said CI’s chief executive officer, Kurt MacAlpine in a Feb. 14 statement. “With these changes, we will begin to selectively invest in high-growth opportunities and other initiatives that support our three strategic priorities of modernizing our asset management business, expanding our wealth management platform and globalizing our company.”
The company’s board of directors declared a quarterly dividend of $0.18 per share, payable on July 15, 2020 to shareholders of record on June 30, 2020.
