CI Financial’s net income declines in Q3
CI Financial Corp. released its quarterly earnings Nov. 12, for the three months ended September 30, 2020. The company also announced that its common shares would begin trading on the New York Stock Exchange, starting Nov. 17, 2020.
Earnings per share were $0.62 for the third quarter, up from $0.60 in the third quarter of 2019. Net income attributable to shareholders was $130.6-million, down six per cent from $139-million reported for the quarter ended Sept. 30, 2019. Total assets under management reached $128.3-billion by the end of the quarter, a one per cent decline from $129.6-billion as of Sept. 30, 2019.
Canadian wealth management assets, including the assets of Assante Wealth Management (Canada) Limited, CI Private Counsel LP, and CI Direct investing (WealthBar Financial Services Inc.) reached $51.2-billion, a six per cent increase relative to September 2019 numbers. The company reported $2-billion in overall net redemptions during the quarter. Canadian retail business, excluding products closed to new investors, had $1.4-billion in net redemptions while the company’s institutional business saw net redemptions totaling $1.1-billion.
With the release of its earnings, the company also announced that its board of directors approved a quarterly dividend of $0.18 per share, payable on April 15, 2021 to shareholders of record on March 31, 2021.