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Mutual Fund News

CI Financial sees increased profit

CI Financial Income Fund expects to pull in about $350-million in net sales of mutual funds for February, chief executive officer Bill Holland said yesterday. The net sales would be a sharp reversal from $490-million in net redemptions in January, resulting mainly from transactions in institutional accounts. Yesterday, CI reported a 25-per-cent jump in fourth-quarter profit to $187.7-million, or 66 cents a unit. While the Toronto-based income trust cut its monthly distribution to 16 cents per unit for March from 17 cents, Mr. Holland told analysts that the CI board in July would consider bumping it back up again. CIX.UN (TSX) closed up 15 cents at $22.80.

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