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CI Financial buying back up to C$1B in shares, switching to quarterly dividends

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CI Financial buying back up to C$1B in shares, switching to quarterly dividends

The board of CI Financial Corp. unanimously approved a new capital allocation strategy, which included a share buyback and a quarterly dividend payout.

The asset manager intends to repurchase up to C$1 billion of its shares over the next 12 to 18 months. This follows the repurchase of C$559 million worth of shares in the 12 months that ended June 30.

The board also set an annual dividend rate of 72 Canadian cents per share, to be paid quarterly for the next six quarters. The first quarterly dividend of 18 cents per share will be payable Oct. 15 to shareholders of record Sept. 30. CI Financial has been paying monthly dividends of 11.75 cents per share since June 15, 2017.

The company posted second-quarter net income of C$159.9 million, or 61 cents per share, up from C$159.0 million, or 59 cents per share, in the previous quarter.