CI Financial to buy Sentry Investments expanding mutual fund offerings

TORONTO — CI Financial Corp. (TSX:CIX) has agreed to buy Sentry Investments Corp. in a friendly deal worth about $780 million, adding to its portfolio of mutual funds.CI’s assets under management will rise by 16 per cent to $140 billion when the deal closes, subject to regulatory approvals.The companies say Sentry will remain a standalone brand, offering more than 45 mutual funds to the Canadian market.CI Financial will pay $230 million of the purchase price in cash and the balance in shares.The deal came as CI reported a second-quarter profit of $96.3 million or 37 cents per share, down from $128.6 million or 47 cents per share a year ago.On an adjusted basis, CI earned $141.3 million or 54 cents per share in its latest quarter, up from $128.6 million or 47 cents per share in the same quarter last year.

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