Announcement • May 15
CI Financial Corp., Annual General Meeting, Jun 30, 2025 CI Financial Corp., Annual General Meeting, Jun 30, 2025. Announcement • Nov 25
CI Financial to Delist from Toronto Stock Exchange Following Closing of the Transaction CI Financial Corp. announced that it has entered into a definitive agreement with an affiliate of Mubadala Capital, the alternative asset management arm of Mubadala Investment Company, to take CI private in a transaction that values CI’s equity at approximately $4.7 billion and implies an enterprise value of approximately $12.1 billion. Following the closing of the transaction, CI will continue to operate with its current structure and management team and will be independent of Mubadala Capital’s other portfolio businesses. CI’s debentures and notes are expected to remain outstanding following closing of the transaction and the financing for the transaction has been structured to maintain CI’s long-term issuer and senior unsecured debt ratings of Baa3 (Stable) by Moody’s. CI’s shares will be delisted from the Toronto Stock Exchange following closing of the transaction; however, CI is expected to remain a reporting issuer under applicable Canadian securities laws as a result of its debentures and notes remaining outstanding. Holders of outstanding shares of preferred equity in CI’s subsidiary, Corient Holdings Inc., have agreed to waive and amend certain liquidity and other rights in connection with the transaction through the closing of the transaction. Mubadala Capital intends to fund up to $750 million of additional cash at closing to reduce the preferred equity outstanding. Following the closing, the parties will continue prioritizing the maintenance of CI’s investment grade senior unsecured debt ratings. Announcement • Nov 01
CI Financial Corp. to Report Q3, 2024 Results on Nov 14, 2024 CI Financial Corp. announced that they will report Q3, 2024 results on Nov 14, 2024 Announcement • Jul 16
CI Financial Corp. to Report Q2, 2024 Results on Aug 08, 2024 CI Financial Corp. announced that they will report Q2, 2024 results on Aug 08, 2024 Announcement • Jun 01
CI Financial Corp. (TSX:CIX) announces an Equity Buyback for 5,000,000 shares, representing 3.3% for CAD 77.5 million. CI Financial Corp. (TSX:CIX) announces a share repurchase program. Under the substantial issuer bid, the company will repurchase up to 5,000,000 shares, representing 3.3% of its issued share capital for CAD 77.5 million. The shares will be repurchased at a price of CAD 15.5 per share. If more than the maximum number of shares are validly deposited and not withdrawn, then first, the corporation will purchase all shares validly tendered by shareholders who own fewer than 100 shares (the Odd Lot Holders), and then, in the event Odd Lot Holders have tendered less than the maximum number, the corporation will purchase all shares tendered on a pro rata basis according to the number of shares deposited or deemed to be deposited by the depositing shareholders, less the number of shares purchased from Odd Lot Holders (with adjustments to avoid the purchase of fractional shares). The bid will expire on July 8, 2024, unless extended or withdrawn. As of May 30, 2024, the company had 151,383,085 issued and outstanding shares. Announcement • May 10
CI Financial Corp. Announces Quarterly Dividend, Payable on October 15, 2024 CI Financial Corp. announced that its Board of Directors has declared a regular quarterly dividend of $0.20 per share of CI's common stock. The dividend will be payable on October 15, 2024 to shareholders of record as of September 30, 2024. Announcement • Apr 20
CI Financial Corp. to Report Q1, 2024 Results on May 10, 2024 CI Financial Corp. announced that they will report Q1, 2024 results After-Market on May 10, 2024 Announcement • Apr 13
CI Financial Corp., Annual General Meeting, Jun 26, 2024 CI Financial Corp., Annual General Meeting, Jun 26, 2024, at 14:00 US Eastern Standard Time. Announcement • Feb 23
CI Financial Corp. Declares Quarterly Dividend, Payable on July 15, 2024 The Board of Directors of CI Financial Corp. declared a quarterly dividend of $0.20 per share, payable on July 15, 2024 to shareholders of record as of June 28, 2024. Announcement • Jan 30
CI Financial Corp. to Report Q4, 2023 Results on Feb 23, 2024 CI Financial Corp. announced that they will report Q4, 2023 results on Feb 23, 2024 Announcement • Dec 21
CI Financial Corp. Announces Executive Changes CI Financial Corp. announced that Darie Urbanky, President, Chief Operating Officer and Head of CI Global Asset Management (“CI GAM”), has decided to retire on or before December 31, 2024. Effective January 1, 2024, Marc-André Lewis, Chief Investment Officer of CI GAM, will assume the role of co-head of CI GAM. Mr. Lewis will retain his current responsibilities as CIO. Mr. Urbanky joined CI in 1996 in its Information Technology department, where he spent 20 years in progressively more senior roles before being named Chief Technology Officer in 2016. He was promoted to Chief Operating Officer in 2018 and named President in 2019. Announcement • Nov 12
CI Financial Corp. (TSX:CIX) announces an Equity Buyback for CAD 100 million worth of its shares. CI Financial Corp. (TSX:CIX) announces a share repurchase program. Under the substantial issuer bid, the company will repurchase up to $100 million worth of its outstanding shares. The shares will be tendered at a price of not less than $13.64 per share and not more than $15.28 per share. The shares purchased under the offer will be cancelled. If the aggregate cost to purchase the tendered shares exceeds $100 million, the company will accept such shares on a pro-rata basis after giving effect to “odd lot” tenders, which will not be subject to pro-ration. The bid will expire on December 18, 2023, unless extended or withdrawn. As of November 9, 2023, the company had 162,784,729 shares in issue. Announcement • Nov 10
CI Financial Corp. Declares Quarterly Dividend, Payable on April 15, 2024 CI Financial Corp. declared a quarterly dividend of $0.20 per share, payable on April 15, 2024 to shareholders of record as of March 28, 2024. Announcement • Oct 20
CI Financial Corp. to Report Q3, 2023 Results on Nov 09, 2023 CI Financial Corp. announced that they will report Q3, 2023 results on Nov 09, 2023 Announcement • Jul 26
CI Financial Corp. to Report Q2, 2023 Results on Aug 10, 2023 CI Financial Corp. announced that they will report Q2, 2023 results on Aug 10, 2023 Announcement • Jul 14
Audax Management Company, LLC and the management of Congress Wealth Management completed the acquisition of unknown minority stake in Congress Wealth Management, LLC from CI Financial Corp. (TSX:CIX). Audax Management Company, LLC and the management of Congress Wealth Management agreed to acquire unknown minority stake in Congress Wealth Management, LLC from CI Financial Corp. (TSX:CIX) on April 27, 2023. CI Financial Corp sold 45% stake in the transaction. Audax is partnering with management on the investment to recapitalize Congress. CI received a return of approximately three times its initial investment in Congress and will use the proceeds from the transaction to pay down debt. The transaction is expected to close in May 2023. Daniel A. Guerin, Jeffrey Seifman, Benjamin J. Dionne, Whitney L. Bosworth, Alexander Flynn-Tabloff, Ashley S. Gregory and Rachel L. Cantor of Kirkland & Ellis LLP acted as legal advisor to Audax Management Company in the transaction. Gladstone Associates, LLC served as advisor for the transaction. ArentFox Schiff LLP acted as legal advisor to Congress Wealth Management.
Audax Management Company, LLC and the management of Congress Wealth Management completed the acquisition of unknown minority stake in Congress Wealth Management, LLC from CI Financial Corp. (TSX:CIX) on April 27, 2023. Announcement • Jan 24
CI Financial Corp. to Report Q4, 2022 Results on Feb 24, 2023 CI Financial Corp. announced that they will report Q4, 2022 results on Feb 24, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 13 January 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (2.7%). Recent Insider Transactions • Dec 21
Chairman of the Board recently bought US$762k worth of stock On the 16th of December, William Holland bought around 78k shares on-market at roughly US$9.82 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of US$10m worth in shares. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Director Sarah Ward was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: CA$1.51 loss per share (further deteriorated from CA$1.06 loss in 3Q 2021). Net loss: CA$279.5m (loss widened 41% from 3Q 2021). Revenue missed analyst estimates by 10.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to stay flat during the next 3 years compared to a 7.1% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • Nov 11
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: CA$1.64 loss per share (down from CA$0.22 profit in 3Q 2021). Net loss: CA$279.5m (down CA$323.3m from profit in 3Q 2021). Revenue missed analyst estimates by 10.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 12% per year. Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Director Sarah Ward was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Oct 12
Chairman of the Board recently bought US$512k worth of stock On the 4th of October, William Holland bought around 50k shares on-market at roughly US$10.25 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$605k. William has been a buyer over the last 12 months, purchasing a net total of US$12m worth in shares. Board Change • Oct 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Director Sarah Ward was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 24
Chairman of the Board recently bought US$132k worth of stock On the 16th of September, William Holland bought around 12k shares on-market at roughly US$11.17 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$605k. William has been a buyer over the last 12 months, purchasing a net total of US$11m worth in shares. Upcoming Dividend • Sep 22
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.9%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (2.7%). Recent Insider Transactions • Sep 07
Chairman of the Board recently bought US$374k worth of stock On the 1st of September, William Holland bought around 35k shares on-market at roughly US$10.67 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$605k. William has been a buyer over the last 12 months, purchasing a net total of US$11m worth in shares. Recent Insider Transactions • Aug 30
Chairman of the Board recently bought US$564k worth of stock On the 23rd of August, William Holland bought around 50k shares on-market at roughly US$11.27 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$605k. William has been a buyer over the last 12 months, purchasing a net total of US$10.0m worth in shares. Recent Insider Transactions • Aug 18
Chairman of the Board recently bought US$605k worth of stock On the 12th of August, William Holland bought around 50k shares on-market at roughly US$12.09 per share. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of US$9.0m worth in shares. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: CA$0.82 (vs CA$0.58 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.82 (up from CA$0.58 in 2Q 2021). Revenue: CA$723.5m (up 11% from 2Q 2021). Net income: CA$156.2m (up 33% from 2Q 2021). Profit margin: 22% (up from 18% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 3.0% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Recent Insider Transactions • Jul 24
Chairman of the Board recently bought US$574k worth of stock On the 22nd of July, William Holland bought around 50k shares on-market at roughly US$11.47 per share. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of US$10m worth in shares. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (2.8%). Recent Insider Transactions • Jun 04
President & COO recently bought US$125k worth of stock On the 1st of June, Darie Urbanky bought around 10k shares on-market at roughly US$12.46 per share. In the last 3 months, there was an even bigger purchase from another insider worth US$728k. Despite this recent buy, Darie has been a net seller over the last 12 months, reducing personal holdings by US$168k. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CA$0.70 (up from CA$0.60 in 1Q 2021). Revenue: CA$757.6m (up 22% from 1Q 2021). Net income: CA$138.1m (up 11% from 1Q 2021). Profit margin: 18% (down from 20% in 1Q 2021). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 6.3%. Over the next year, revenue is forecast to grow 7.4%, compared to a 2.7% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$11.27, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Capital Markets industry in the US. Total loss to shareholders of 18% over the past three years. Recent Insider Transactions • Apr 20
Chairman of the Board recently bought US$728k worth of stock On the 14th of April, William Holland bought around 50k shares on-market at roughly US$14.56 per share. In the last 3 months, they made an even bigger purchase worth US$1.9m. William has been a buyer over the last 12 months, purchasing a net total of US$12m worth in shares. Reported Earnings • Apr 03
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: CA$2.03 (down from CA$2.22 in FY 2020). Revenue: CA$2.75b (up 33% from FY 2020). Net income: CA$409.3m (down 14% from FY 2020). Profit margin: 15% (down from 23% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 17%, compared to a 1.6% growth forecast for the funds industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Recent Insider Transactions • Mar 24
Insider recently bought US$46k worth of stock On the 16th of March, Christopher Enright bought around 3k shares on-market at roughly US$15.68 per share. In the last 3 months, there was an even bigger purchase from another insider worth US$1.9m. Insiders have collectively bought US$11m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 23
Insider recently bought US$46k worth of stock On the 16th of March, Christopher Enright bought around 3k shares on-market at roughly US$15.68 per share. In the last 3 months, there was an even bigger purchase from another insider worth US$1.9m. Insiders have collectively bought US$11m more in shares than they have sold in the last 12 months. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 14 April 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of American dividend payers (3.7%). Higher than average of industry peers (2.2%). Recent Insider Transactions • Mar 22
Insider recently bought US$46k worth of stock On the 16th of March, Christopher Enright bought around 3k shares on-market at roughly US$15.68 per share. In the last 3 months, there was an even bigger purchase from another insider worth US$1.9m. Insiders have collectively bought US$11m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 22
Insider recently bought US$46k worth of stock On the 16th of March, Christopher Enright bought around 3k shares on-market at roughly US$15.68 per share. In the last 3 months, there was an even bigger purchase from another insider worth US$1.9m. Insiders have collectively bought US$11m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 21
Insider recently bought US$46k worth of stock On the 16th of March, Christopher Enright bought around 3k shares on-market at roughly US$15.68 per share. In the last 3 months, there was an even bigger purchase from another insider worth US$1.9m. Insiders have collectively bought US$11m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 09
Independent Chairman of the Board recently bought US$791k worth of stock On the 4th of March, William Holland bought around 50k shares on-market at roughly US$15.82 per share. In the last 3 months, they made an even bigger purchase worth US$1.9m. William has been a buyer over the last 12 months, purchasing a net total of US$12m worth in shares. Recent Insider Transactions • Feb 26
Independent Chairman of the Board recently bought US$1.6m worth of stock On the 23rd of February, William Holland bought around 100k shares on-market at roughly US$16.32 per share. In the last 3 months, they made an even bigger purchase worth US$1.9m. William has been a buyer over the last 12 months, purchasing a net total of US$12m worth in shares. Reported Earnings • Feb 24
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: CA$2.03 (down from CA$2.22 in FY 2020). Revenue: CA$2.73b (up 33% from FY 2020). Net income: CA$409.3m (down 14% from FY 2020). Profit margin: 15% (down from 23% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 18% compared to a 1.3% decline forecast for the funds industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Feb 11
CI Financial Corp. Announces Management Changes CI Financial Corp. announced the appointment of Sarah M. Ward to its Board of Directors, effective immediately. Ms. Ward is a lawyer with more than 35 years' experience working in corporate finance on behalf of some of the world's largest companies. Ms. Ward recently retired from global law firm Skadden, Arps, Slate, Meagher & Flom LLP, where she was a New York-based Partner in the firm's Banking Group and co- chair of its Legal Opinion Oversight Committee. Additionally, Director Sheila Murray informed the Board that she will not stand for re-election at this year's Annual Meeting of Shareholders. Recent Insider Transactions • Feb 09
Independent Chairman of the Board recently bought US$1.9m worth of stock On the 4th of February, William Holland bought around 100k shares on-market at roughly US$18.67 per share. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of US$11m worth in shares. Announcement • Jan 28
CI Financial Corp. to Report Q4, 2021 Results on Feb 22, 2022 CI Financial Corp. announced that they will report Q4, 2021 results on Feb 22, 2022 Announcement • Jan 12
CI Financial Corp. (TSX:CIX) entered into an agreement to acquire Northwood Family Office LP. CI Financial Corp. (TSX:CIX) entered into an agreement to acquire Northwood Family Office LP on January 11, 2022. The transaction is subject to regulatory approval and other customary closing conditions and is expected to close in the second quarter of this year. Blair Franklin Capital Partners Inc. acted as a financial advisor to Northwood Family Office LP. Torkin Manes Cohen Arbus LLP acted as a legal advisor to Northwood Family Office LP and Blake, Cassels & Graydon LLP acted as a legal advisor to CI Financial Corp. Announcement • Jan 06
CI Financial Corp. (TSX:CIX) acquired CPWM, LLC. CI Financial Corp. (TSX:CIX) agreed to acquire CPWM, LLC on December 15, 2021. In a related transaction, CI Financial also agreed to acquire Columbia Pacific Advisors. As part of the transaction, CPWM owners will become equity partners in CI Private Wealth, the private partnership that holds CI’s broader U.S. wealth management business. Following the completion of the transaction, the leadership team at CPWM will remain in place. The transaction is subject to regulatory and other customary closing conditions and is expected to close later this month. Berkshire Global Advisors LP served as exclusive financial advisor and Stradley Ronon Stevens & Young, LLP acted as legal advisor to CPWM. CI’s legal advisor was Hogan Lovells US LLP.
CI Financial Corp. (TSX:CIX) acquired CPWM, LLC on January 4, 2022. Announcement • Jan 05
CI Financial Corp. (TSX:CIX) completed the acquisition of an unknown majority stake in R.H. Bluestein & Company. CI Financial Corp. (TSX:CIX) entered into an agreement to acquire an unknown majority stake in R.H. Bluestein & Company on November 2, 2021. Robert Bluestein will remain president of the R.H. Bluestein. The transaction is subject to regulatory and other customary closing conditions. The transaction is expected to close in late forth quarter of 2021. Proskauer Rose LLP, Bodman PLC acted as legal advisor and Cambridge International Partners LLC acted as financial advisor to Bluestein. Hogan Lovells US LLP acted as legal advisor to CI Financial.
CI Financial Corp. (TSX:CIX) completed the acquisition of an unknown majority stake in R.H. Bluestein & Company on January 4, 2022. Recent Insider Transactions • Jan 02
Independent Chairman of the Board recently bought US$523k worth of stock On the 30th of December, William Holland bought around 25k shares on-market at roughly US$20.90 per share. In the last 3 months, they made an even bigger purchase worth US$1.1m. William has been a buyer over the last 12 months, purchasing a net total of US$13m worth in shares. Upcoming Dividend • Dec 23
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 14 January 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (3.6%). Higher than average of industry peers (1.8%). Announcement • Dec 16
CI Financial Corp. (TSX:CIX) agreed to acquire CPWM, LLC. CI Financial Corp. (TSX:CIX) agreed to acquire CPWM, LLC on December 15, 2021. In a related transaction, CI Financial also agreed to acquire Columbia Pacific Advisors. As part of the transaction, CPWM owners will become equity partners in CI Private Wealth, the private partnership that holds CI’s broader U.S. wealth management business. Following the completion of the transaction, the leadership team at CPWM will remain in place. The transaction is subject to regulatory and other customary closing conditions and is expected to close later this month. Berkshire Global Advisors LP served as exclusive financial advisor and Stradley Ronon Stevens & Young, LLP acted as legal advisor to CPWM. CI’s legal advisor was Hogan Lovells US LLP. Announcement • Dec 07
CI Financial Corp. (TSX:CIX) entered into an agreement to acquire RegentAtlantic Capital, LLC from Fiduciary Network, LLC and others. CI Financial Corp. (TSX:CIX) entered into an agreement to acquire RegentAtlantic Capital, LLC from Fiduciary Network, LLC and others on December 6, 2021. As part of the transaction, all partners in RegentAtlantic will become equity partners in CI Private Wealth. The transaction is subject to regulatory and other customary closing conditions and is expected to close later this month. Raymond James & Associates, Inc. acted as financial advisor to RegentAtlantic. Hogan Lovells US LLP acted as legal advisor to CI Financial. Recent Insider Transactions • Dec 04
Independent Chairman of the Board recently bought US$1.1m worth of stock On the 30th of November, William Holland bought around 50k shares on-market at roughly US$21.71 per share. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of US$12m worth in shares. Recent Insider Transactions • Nov 25
Independent Chairman of the Board recently bought US$590k worth of stock On the 19th of November, William Holland bought around 25k shares on-market at roughly US$23.58 per share. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of US$12m worth in shares. Recent Insider Transactions • Nov 17
Independent Chairman of the Board recently bought US$587k worth of stock On the 12th of November, William Holland bought around 25k shares on-market at roughly US$23.49 per share. In the last 3 months, they made an even bigger purchase worth US$969k. William has been a buyer over the last 12 months, purchasing a net total of US$12m worth in shares. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS CA$0.22 (vs CA$0.62 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CA$661.3m (up 30% from 3Q 2020). Net income: CA$43.8m (down 66% from 3Q 2020). Profit margin: 6.6% (down from 26% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 15 October 2021. Trailing yield: 2.8%. Lower than top quartile of American dividend payers (3.7%). Higher than average of industry peers (1.9%). Announcement • Sep 15
CI Financial Corp. (TSX:CIX) agreed to acquire Portola Partners Group LLC CI Financial Corp. (TSX:CIX) agreed to acquire Portola Partners Group LLC on September 14, 2021. This transaction is subject to regulatory approval and other customary closing conditions. This transaction is expected to close in late September 2021. Alston & Bird LLP acted as legal advisor to Portola and Berkshire Global Advisors LP acted as financial advisor to Portola. Hogan Lovells US LLP acted as legal advisor to CI Financial. Announcement • Sep 02
CI Financial Corp. (TSX:CIX) completed the acquisition of Radnor Financial Advisors, Inc. from Emigrant Partners, Fiduciary Network, LLC and others. CI Financial Corp. (TSX:CIX) agreement to acquire Radnor Financial Advisors, Inc. from Emigrant Partners, Fiduciary Network, LLC and others on June 28, 2021. The transaction is subject to regulatory approval and other customary closing conditions. This transaction is expected to close in the third quarter of 2021. Chris Frieden, John Gerl, Brian Harvel and John Hobgood of Alston & Bird LLP served as a legal advisors for Radnor Financial Advisors. Hogan Lovells US LLP served as a legal advisor for CI Financial Corp.
CI Financial Corp. (TSX:CIX) completed the acquisition of Radnor Financial Advisors, Inc. from Emigrant Partners, Fiduciary Network, LLC and others on September 1, 2021. Recent Insider Transactions • Aug 13
Independent Chairman of the Board recently bought US$504k worth of stock On the 11th of August, William Holland bought around 25k shares on-market at roughly US$20.15 per share. In the last 3 months, they made an even bigger purchase worth US$899k. William has been a buyer over the last 12 months, purchasing a net total of US$9.8m worth in shares. Announcement • Aug 12
CI Financial Corp. (TSX:CIX) agreed to acquire Budros, Ruhlin & Roe, Inc. CI Financial Corp. (TSX:CIX) agreed to acquire Budros, Ruhlin & Roe, Inc. on August 10, 2021. This transaction is subject to regulatory approval and other customary closing conditions and is expected to close in the fourth quarter of 2021. Ice Miller LLP acted as legal advisor to Budros, Ruhlin & Roe. Hogan Lovells US LLP acted as legal advisor to CI Financial Corp. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS CA$0.58 (vs CA$0.56 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CA$662.4m (up 39% from 2Q 2020). Net income: CA$117.6m (down 2.1% from 2Q 2020). Profit margin: 18% (down from 25% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Jul 31
High number of new directors CEO & Director Kurt MacAlpine was the last director to join the board, commencing their role in 2019. Announcement • Jul 01
CI Financial Corp (TSX:CIX) completed the acquisition of Dowling & Yahnke, LLC from Dale Yahnke, Mark Muñoz, William Beameron, Alana Asmussen, Michael Brown, Anne Diaz, Brett Pernicano, Gregory Richardson and Mark Wernig. CI Financial Corp (TSX:CIX) entered into an agreement to acquire Dowling & Yahnke, LLC from Dale Yahnke, Mark Muñoz, William Beameron, Alana Asmussen, Michael Brown, Anne Diaz, Brett Pernicano, Gregory Richardson and Mark Wernig on May 10, 2021. Deal is subject to regulatory, stock exchange and other customary closing conditions. The transaction is expected to close later second quarter. Asset & Wealth Management Investment Banking team of Raymond James Financial, Inc. acted as financial advisor to Dowling & Yahnke, LLC. Alston & Bird LLP and Hogan Lovells US LLP acted as legal advisor to CI Financial Corp.
CI Financial Corp (TSX:CIX) completed the acquisition of Dowling & Yahnke, LLC from Dale Yahnke, Mark Muñoz, William Beameron, Alana Asmussen, Michael Brown, Anne Diaz, Brett Pernicano, Gregory Richardson and Mark Wernig on June 30, 2021. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 15 July 2021. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (3.4%). Higher than average of industry peers (1.7%). 
