Outflows and Declining Fees Mar CI Financial's Third-Quarter Results; No Change to CAD 29 Fair Value
There was little in narrow-moat CI Financial's second-quarter results that would alter our long-term view of the firm, and we are leaving our CAD 29 per share fair value estimate in place. CI Financial closed out the September quarter with CAD 112.5 billion in total assets under management, reflective of a 2.7% sequential and an 6.9% year-over-year increase in fund assets. Including assets under administration, the firm had CAD 149.7 billion in managed assets at the end of the third quarter (ref...CI Financial is a wealth management firm and an independent investment fund company. The principal business of Co. is the management, marketing, distribution and administration of mutual funds, segregated funds, exchange-traded funds, structured products and other investment products for investors. Co. has two main business segments: Asset Management, which is engaged in the management of families of mutual, segregated, pooled, exchangetraded, and closed-end funds, structured products and discretionary accounts; and Asset Administration, which is engaged in the sale of mutual funds and other financial products, and ongoing service to clients and capital market activities.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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