Acquisitions, Market Gains, and Positive Flows Lift CI Financial's AUM During 2021; No Change to FVE

There was little in narrow-moat CI Financial's fourth-quarter results that would alter our long-term view of the firm. We are leaving our CAD 30 per share fair value estimate in place. CI Financial closed out the December quarter with CAD 152.1 billion in AUM, reflective of a 3.8% (12.6%) sequential (year-over-year) increase in fund assets. Assets under advisement, which includes assets held by CI Financial's various wealth management subsidiaries in the U.S. and Canada, increased 33.5% (140.4%) sequentially (year over year) to CAD 232.0 billion during the fourth quarter (full-year) driven primarily by a cavalcade of wealth manager acquisitions throughout the year.