Transaction boosts CI’s U.S. assets to $58
billion
All financial amounts in U.S. dollars unless stated
otherwise.
Congress Wealth Management, LLC (“CWM”) and CI Financial Corp.
(“CI”) (TSX: CIX; NYSE: CIXX) announced today that CWM has acquired
Pinnacle Advisory Group, Inc. (“Pinnacle”) of Columbia, MD in a
transaction that increases the size of CWM’s business by 70% and
expands its presence to new markets on the East Coast and in South
Florida.
The addition of Pinnacle’s $2.4 billion in assets and offices in
Columbia and Miami will increase CWM’s business to $5.8 billion and
seven offices nationwide.
The transaction, which closed on April 30, 2021, was financially
supported by CI, which holds a significant strategic ownership
stake in CWM as part of a U.S. wealth management business with
direct investments in 13 registered investment advisor (“RIA”)
firms with $56 billion in assets.
“Pinnacle is an ideal addition to our firm with an impressive
group of investment professionals and financial planning advisors,”
said Paul Lonergan, CWM President. “We are also fortunate to have
CI Financial as a strategic partner. Given the size and complexity
of the transaction, we could not have executed this without their
ongoing support.”
The combination with Pinnacle deepens CWM’s financial planning,
trust planning, and tax expertise through access to Pinnacle’s team
of professionals, while Pinnacle clients will benefit from a wider
range of investment products and strategies.
“We believe there are tremendous complementary advantages by
combining our firm with Congress Wealth. From day one we felt a
connection between the firm’s cultures,” said John Hill, Chief
Executive Officer and Founding Partner of Pinnacle. “We were
extremely impressed with Congress’s year-over-year growth rate, and
their ability to execute a comprehensive expansion strategy.”
“Congress and Pinnacle exemplify the high quality of the firms
within CI’s network and the benefits of partnership,” said Kurt
MacAlpine, CI Chief Executive Officer. “Paul and his team have been
an exceptional addition to our group and have more than doubled
Congress Wealth’s assets since we made our investment last year.
The addition of Pinnacle is the latest step in the firm’s continued
growth and development.”
CI, a diversified global asset and wealth manager, entered the
U.S. wealth management market in early 2020 and has become one of
the fastest-growing RIA platforms through 17 acquisitions
(including Pinnacle and other acquisitions by affiliated RIAs) and
strong organic growth. The Pinnacle transaction and other recently
completed acquisitions will increase CI’s U.S. assets to
approximately $58 billion and its total combined assets under
management and wealth management assets to approximately $225
billion (C$283 billion).
All asset amounts are as at March 31, 2021.
About Congress Wealth Management
Congress Wealth Management provides wealth management and family
office services to high-net-worth individuals, families,
foundations and endowments, with an emphasis on comprehensive and
customized client plans. The firm was named to the Financial Times
300 Top Registered Investment Advisors list in 2019, the third time
in four years it has made the list. CWM achieved $2 billion in
assets through organic growth over a 10-year period through October
2019 and has grown rapidly since that time through a national
initiative to identify M&A opportunities and strategic
partnerships. In addition to its Boston head office, the firm has
offices in Westport, CT, Scottsdale, AZ, and Orange County, CA. For
more information, please visit www.congresswealth.com.
About CI Financial
CI Financial Corp. is an independent diversified global asset
and wealth management company operating in Canada, the United
States and Australia. CI managed and advised on approximately
C$240.6 billion (US$191.5 billion) in client assets as at March 31,
2021. CI is listed on the Toronto Stock Exchange under CIX and on
the New York Stock Exchange under CIXX. For more information, visit
www.cifinancial.com.
The FT 300 assesses registered investment advisers based on
desirable traits for investors and presents the FT 300 as an elite
group, not a competitive ranking of one to 300. RIAs must complete
an application to be considered. The formula the FT uses to grade
advisers is based on six broad factors and calculates a numeric
score for each adviser. Areas of consideration include AUM, asset
growth, the company’s age, industry certifications of key
employees, SEC compliance record and online accessibility.
This press release contains forward-looking statements
concerning anticipated future events, results, circumstances,
performance or expectations with respect to CI Financial Corp.
(“CI”) and its products and services, including its business
operations, strategy and financial performance and condition.
Forward-looking statements are typically identified by words such
as “believe”, “expect”, “foresee”, “forecast”, “anticipate”,
“intend”, “estimate”, “goal”, “plan” and “project” and similar
references to future periods, or conditional verbs such as “will”,
“may”, “should”, “could” or “would”. These statements are not
historical facts but instead represent management beliefs regarding
future events, many of which by their nature are inherently
uncertain and beyond management’s control. Although management
believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, such statements
involve risks and uncertainties. The material factors and
assumptions applied in reaching the conclusions contained in these
forward-looking statements include that the investment fund
industry will remain stable and that interest rates will remain
relatively stable. Factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market conditions, including interest and
foreign exchange rates, global financial markets, changes in
government regulations or in tax laws, industry competition,
technological developments and other factors described or discussed
in CI’s disclosure materials filed with applicable securities
regulatory authorities from time to time. The foregoing list is not
exhaustive and the reader is cautioned to consider these and other
factors carefully and not to place undue reliance on
forward-looking statements. Other than as specifically required by
applicable law, CI undertakes no obligation to update or alter any
forward-looking statement after the date on which it is made,
whether to reflect new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210503005329/en/
Congress Wealth Management Paul Lonergan President
617-428-7601
CI Financial Investor Relations Jason Weyeneth,
CFA Vice-President, Investor Relations & Strategy 416-681-8779
jweyeneth@ci.com
Media Relations United States Trevor Davis,
Gregory FCA for CI Financial 443-248-0359
cifinancial@gregoryfca.com
Canada Murray Oxby Vice-President, Corporate
Communications 416-681-3254 moxby@ci.com
CI Financial (TSX:CIX)
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