Home Breadcrumb caret Industry News Breadcrumb caret Industry CI Financial announces share buyback amid 1% rise in Q2 earnings As part of its second quarter earnings report, CI Financial announced a share buyback of up to $1 billion. The wealth management firm reported net income of $159.9 million for Q2 2018, up 1% from $159 million in the previous quarter. Earnings per share for Q2 were $0.61, up from $0.59 in Q1. CI announced […] By Staff | August 9, 2018 | Last updated on August 9, 2018 1 min read As part of its second quarter earnings report, CI Financial announced a share buyback of up to $1 billion. The wealth management firm reported net income of $159.9 million for Q2 2018, up 1% from $159 million in the previous quarter. Earnings per share for Q2 were $0.61, up from $0.59 in Q1. CI announced a new capital allocation strategy “that will allow CI to deploy its free cash flow to pursue the best available growth opportunities as market and industry conditions change,” said a release. This strategy includes repurchasing up to $1 billion in shares over the new 12 to 18 months. “CI has consistently returned substantially all its free cash flow to shareholders through a combination of share repurchases and dividends. This is not changing,” CEO Peter W. Anderson said in a note to shareholders. Read: CI Financial reports AUM growth for July CI also announced a new annual dividend rate of $0.72 per share as part of the strategy. The dividend will be paid quarterly for the next six quarters, the release said. The first quarterly dividend of $0.18 per share will be paid on Oct. 15. CI also reported average assets under management of $139.5 billion for the second quarter, up 14% from the same quarter in 2017 but down 2% from $141.9 billion in Q1 of this year. The year-over-year increase was primarily due to strong market performance over the past 12 months and the acquisition of Sentry Investments Corp. last October, the release said. Also read: CI changes risk ratings for funds How portfolio structure can save tax for clients with private corps Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo