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CI Financial Corp. (CIXX)

NYSE - NYSE Delayed Price. Currency in USD
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12.20+0.11 (+0.91%)
At close: 04:00PM EDT
12.20 +0.04 (+0.33%)
After hours: 04:00PM EDT

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  • R
    Ryan 1981
    Nice bump after nice earnings report
  • C
    ChopinTheMan!
    probably at least another 10 percent higher from here
  • T
    The Joker
    Valuation is attractive but staying on the sideline for the time being until some of the clouds of uncertainty clear up. The clouds I see are the debt level, market volatility and the pending spin off. DBRS just downgraded its debt.

    https://www.investmentexecutive.com/news/industry-news/dbrs-downgrades-ci-rating-to-bbb/
    The rating agency cited "persistently high debt levels"
    The rating agency cited "persistently high debt levels"
    www.investmentexecutive.com
  • R
    Riley
    As I have been saying all year. Not the time to be bullish on Asset Manager's especially one of this quality. More redemptions and more drops in AUM. Volatility and recession leaves people fearful of markets and the $ they have is needed to use in the loss of purchasing power due to inflation. Still solid downtrend. I no longer have any short position.
  • M
    MANUEL
    Finally when CIX will be posting the Q2 earnings?
  • C
    Crash
    Dividend cut coming, they have a history of it.
  • C
    Crash
    We need management
    Salary cut by 50% . The performance of this Company is a disappointment to the shareholders. The shareholders are suffering so should the management. They are over paid for the kind of performance we are getting.
  • C
    Crash
    This is a killer of money.
  • C
    Crash
    Won’t be surprise if they cut the dividend by half. All the assets they purchase, 50% are worthless. All there bragging has turn to depression.
  • T
    The Joker
    Any update on the spin-off?
  • R
    Ron
    Results are out and they are very good!!
    CI Financial Reports Fourth Quarter and Annual Financial Results for 2020

    Adjusted EPS1 reaches record levels of $0.71 for Q4 and $2.45 for 2020
    Repurchased 1.8 million shares in Q4 for $29.8 million, and 14.0 million shares in 2020 for $258 million
    Paid quarterly dividend of $0.18 a share, totalling $37.8 million in Q4 and $155.3 million in 2020
    Continued expansion of North American wealth management platform through six acquisitions with $25 billion in assets in Q4; total of 14 acquisitions in 2020 almost doubles wealth assets to $96 billion
    Total assets increased 19% in Q4 and 27% in 2020 to $231.5 billion
    Acquisition announced after quarter-end expected to increase U.S. assets to $58 billion, total assets to $261 billion
    Significantly diversified investor base through NYSE listing (ticker CIXX), successful U.S. debt issue that raised US$960 million
    Completed corporate rebranding which included the rollout of CI Global Asset Management and alignment of in-house investment teams

    All financial amounts in Canadian dollars unless otherwise stated.

    February 11, 2021, 7:00 AM Eastern Standard Time

    TORONTO--(BUSINESS WIRE)--CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX) today released financial results for the quarter and year ended December 31, 2020.

    “We delivered a very successful fourth quarter, capping a transformative year for CI,” said Kurt MacAlpine, CI Chief Executive Officer. “In 2020, we made great progress in executing on our strategic priorities of modernizing asset management, expanding wealth management, and globalizing the firm. While we are still in the early stages of executing our strategy, CI is a fundamentally different company than it was just a year ago.

    “We have almost doubled the size of our wealth management business, reaching $96 billion at the end of the year, and quickly built a significant presence in the United States,” Mr. MacAlpine said. “Our assets in the U.S. alone are nearing $60 billion with the completion of five acquisitions in the fourth quarter and an agreement this January to acquire Segall Bryant & Hamill, LLC of Chicago. The U.S. wealth management firms we acquired operate at strong margins and generated aggregate organic net new asset growth of 9% in 2020. These businesses are making important contributions to our results and we are committed to building on this progress in the coming year.

    “We have diversified our investor base by listing on the New York Stock Exchange in November and issuing debt in the United States in December,” said Mr. MacAlpine. “With the re-opening of that offering in January, we have issued US$960 million in notes, demonstrating a high level of investor interest and confidence in CI and our strategy. While CI had no U.S. debt just two months ago, today over 50% of our bonds are issued in the U.S.

    “In asset management, we have kept up the pace of enhancements to the business, rebranding CI Investments to CI Global Asset Management, and building on our leadership in alternative investments with the launch of the CI Galaxy Bitcoin Fund and, in January, launching a private equity product with Adams Street Partners for accredited investors,” Mr. MacAlpine said.

    CI is the market leader in liquid alternatives in Canada, with $3.2 billion in assets under management in this category as at December 31, 2020, offered in both mutual fund and exchange-traded fund structures.

    “We’re making these substantial investments in CI’s growth while achieving strong financial results, paying a quarterly dividend of $0.18 a share and continuing our share repurchase program,” Mr. MacAlpine said.

    “As a result of growing wealth management revenues and prudent cost management, our earnings per share, on an adjusted basis1, were $0.71 for the fourth quarter, the highest in the company’s history. For the year, adjusted earnings were $2.45, also a record high for the company.”

    Financial results

    CI reported earnings per share of $0.50 for the fourth quarter of 2020, compared to $0.62 in the previous quarter and $0.66 in the fourth quarter of 2019. Adjusted earnings per share1 for the fourth quarter were $0.71. This compares to adjusted earnings per share of $0.62 for the third quarter of 2020 and $0.66 for the same quarter a year ago. Adjusted earnings exclude a provision of $42.6 million ($55.8 million before tax) in the fourth quarter of 2020 for non-recurring items, including legal and restructuring charges, investment write-downs and losses from the early redemption of bonds.

    For the year ended December 31, 2020, CI reported record adjusted earnings per share of $2.45, versus $2.41 for fiscal 2019. Adjusted earnings exclude provisions taken in the first and fourth quarters of 2020 and in the second quarter of 2019.

    SG&A expenses for the fourth quarter were $116.7 million, up from $108.8 million in the prior quarter and $113.8 million in the same quarter of
  • R
    Ron
    Another acquisition!
    CI Financial to Acquire New York-Based RIA Barrett Asset Management
    CI’s U.S. assets to reach $50 billion

    March 11, 2021 09:13 AM Eastern Standard Time
    TORONTO & NEW YORK--(BUSINESS WIRE)--CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified global asset and wealth management company, today announced an agreement to acquire Barrett Asset Management, LLC (“Barrett”), a New York-based registered investment advisor (“RIA”) with wealth and investment management capabilities catering primarily to high-net-worth and ultra-high-net-worth individuals and families.

    Barrett brings US$2.5 billion1 in assets to CI’s fast-growing U.S. wealth management footprint. Once the transaction is completed, CI is expected to have approximately US$50 billion in U.S. assets and total assets of US$212 billion2. Barrett represents CI’s second RIA in New York and expands CI’s scale in the world’s largest financial center to more than US$5.5 billion.

    The acquisition exemplifies CI Chief Executive Officer Kurt MacAlpine’s mission to expand wealth management and globalize the company by teaming with strong U.S. wealth management businesses with committed management teams, aligned cultures and a shared vision for the future of the industry.

    “We look forward to working with the dedicated and experienced Barrett team and helping them build on their success,” said Mr. MacAlpine. “Since 1937, Barrett has been delivering superior service to its clientele, which includes families, trusts and charitable organizations. We place immense value on their team approach to client service and focus on multi-generational planning, and CI’s backing will allow them to continue to enhance their multi-family office services and capabilities.”

    Barrett offers an array of high-touch services tailored to each client, including wealth planning and investment management. The firm’s portfolio management expertise includes the management of two in-house mutual funds. Barrett has received notable industry recognition from respected outlets such as Bloomberg, Investment News and Financial Times for their advisory services.

    “Our firm has always been guided by the principle that the client comes first,” said Peter Shriver, CFA, Chief Executive Officer of Barrett. “Our clients’ goals and needs were at the forefront of our decision to align with CI. Partnering with CI provides continuity for our clients and our firm as we develop our next generation of leaders. It will enable us to continue providing the incredible level of service we are known for, while gaining resources and capabilities that will benefit our clients and drive their success.”

    Since entering the U.S. market in January 2020, CI has become one of the industry’s fastest-growing RIA platforms, with 15 acquisitions (including transactions by affiliated RIAs). Following the completion of all outstanding transactions, CI’s total North American wealth management assets are expected to be approximately US$105 billion (C$133 billion) and total assets are expected to reach US$212 billion (C$270 billion).2

    Cambridge International Partners LLC served as the exclusive financial advisor to Barrett. This transaction is expected to close in the second quarter of 2021, subject to regulatory, and other customary closing conditions.
  • C
    Crash
    Keep buying assets, and brag how much assets under management. You try selling those asset, you will suffer a severe loss.
  • C
    Chris
    Here come the buybacks. I expect green days to be the norm for the balance of the year as the market smells the value here.
  • C
    Chris
    Finally starting to see some momentum here. Looking for another 4mm+ share buybacks and a dividend raise with earnings next week. I also expect we’ll announce we have surpassed $100b+ in wealth management assets.
  • R
    Ron
    And yet again...Another major purchase by Bill Holland. Follow the smart money. Ignore the bashers and shorters who have ulterior motives.

    On March 4, chair of the board of directors Bill Holland bought 50,000 shares at a price per share of $20.20 for an account in which he has indirect ownership (WH Corp.), increasing this particular accounts position to 1,325,000 shares. The cost of this purchase exceeded $1-million. Last month, we reported that Mr. Holland invested over $4.4-million in shares of CI with the purchase of 200,000 shares between Feb. 3 and Feb. 23. Mr. Holland is CIs former chief executive officer. The company pays its shareholders a quarterly dividend of 18 cents per share or 72 cents per share yearly, equating to a current annualized yield of approximately 3.7 per cent.
  • C
    Chris
    Incredible quarter. Over $150 million returned to shareholders in q1 alone. Here’s a crazy stat. 4b market cap, so CI returned the equivalent of 3.75% of the value of the entire company to shareholders in a 3 month period. Talk about shareholder friendly. Loving this investment and the market will respond in due course. This should be trading above $25 today.
  • C
    Chris
    Trading at just over 4x forward P/E. Makes sense.
  • R
    Ron
    CI Financial Kickstarts 2021 with Acquisition of Chicago-based Segall Bryant & Hamill, a Leading High-Net-Worth RIA and Institutional Asset Manager with US$23 Billion in Assets
     Acquisition continues ambitious cross-border growth initiative and will boost CI’s total assets to C$261 billion
    January 25, 2021, 4:05 PM Eastern Standard Time
    TORONTO & CHICAGO--(BUSINESS WIRE)--CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified global asset and wealth management company, and Segall Bryant & Hamill, LLC (“SBH”) today announced an agreement under which CI will acquire SBH, a leading high-net-worth-focused registered investment advisor and multi-office institutional investment management firm headquartered in Chicago.
    The addition of SBH, once completed, is expected to double CI’s total U.S.-based assets to US$46.1 billion1 and demonstrates the firm's commitment to continued cross-border growth and unwavering belief in the importance of financial advice, planning and investment management.
    SBH is both a registered investment advisor (“RIA”) and an institutional asset manager. On a stand-alone basis, SBH’s US$6.0 billion2 wealth management platform is CI’s largest U.S. acquisition to date by asset size. CI is also excited to build on the strong momentum of SBH’s institutional platform, which offers a broad array of both traditional and alternative investment strategies.
    “Acquiring Segall Bryant & Hamill is a major step forward as we continue our U.S. expansion,” said Kurt MacAlpine, CI Chief Executive Officer. “SBH has built an incredible business and formed a committed team that embodies the characteristics we look for in our acquisitions. SBH has also displayed a proven ability to adapt to changing market dynamics to deliver a consistently superior level of client service and investment performance through deep fundamental research. I am pleased to announce that the SBH team will remain intact and be a key driver of CI’s growth in the U.S.”
    With US$23.1 billion2,3 in assets on its platform and 122 employees, SBH serves a broad array of wealth management, intermediary and institutional clients from offices in Chicago, Denver, Philadelphia, St. Louis and Naples, Florida. Since its founding in 1994, SBH has specialized in providing strong risk-adjusted returns across multiple asset classes to deliver clients customized portfolio solutions and an exceptional client experience.
    “The interests of our clients have been at the center of every strategic decision we have made since the firm’s founding over 25 years ago,” said Philip Hildebrandt, Chief Executive Officer of SBH. “Our clients will benefit from the synergies that result when like-minded organizations leverage their talents and resources to enhance the client experience. CI is a strong strategic partner for SBH, providing the capital resources of a large, global investment firm while allowing us to retain our client-centric approach. We are excited to become part of the growing CI family of companies.”
    With this acquisition, CI has established a significant presence in U.S. wealth management, both in asset size and geographic reach. It marks CI’s 14th U.S. acquisition (including acquisitions by CI-affiliated RIAs) since January 2020. Following the completion of the SBH transaction, CI’s total North American wealth management assets are expected to be approximately US$82 billion (C$104 billion) and total assets are expected to reach approximately US$205 billion (C$261 billion).1
    Cambridge International Partners served as the exclusive financial advisor to SBH. This transaction is expected to close in the second quarter of 2021, subject to regulatory, stock exchange and other customary closing conditions. Financial terms of this transaction were not disclosed.
    About Segall Bryant & Hamill
    Segall Bryant & Hamill, LLC is an independent investment firm headquartered in Chicago, with offices in Denver, Philadelphia, St. Louis, and Naples, Florida. The firm was established in 1994 and had over US$23 billion3 in assets under management/assets under advisement as at December 31, 2020. SBH offers a range of investment strategies and customized solutions for institutional, advisor and wealth management clients, including domestic, international and global equity, fixed income and alternatives.