CI Financial Corp. (“CI”) (TSX:CIX; NYSE:CIXX) today announced
it has completed its acquisition of Dowling & Yahnke, LLC
(“D&Y”), a San Diego-based wealth manager with approximately
US$5.1 billion in assets.
The acquisition, which was first announced in May 2021, adds one
of the country’s leading registered investment advisors (“RIAs”) to
the CI group and significantly expands CI’s presence in the key
California market. It also increases CI’s U.S. assets to more than
US$65 billion and total assets to approximately US$244 billion.
“Our mission is to build the leading private wealth platform in
the United States through a network of the highest-quality RIAs,”
said Kurt MacAlpine, Chief Executive Officer of CI Financial.
“Dowling & Yahnke has a strong and growing business, a
dedicated, expert team, and a track record of delivering superior
service – exemplifying the type of RIA that has joined forces with
us.”
D&Y, founded in 1991, serves over 1,300 clients and provides
comprehensive financial and investment management services to
individuals, families and non-profits. The firm’s accolades include
being named to the FT 300 Top Registered Investment Advisors list
every year since the list’s inception in 2014. Chief Executive
Officer Dale Yahnke was ranked No. 23 on the Barron’s 2020 list of
Top 100 Independent Financial Advisors, the 14th time he has made
the list, and he was named to the Barron’s Advisor Hall of Fame in
2019.
Since entering the U.S. RIA sector in January 2020, CI has
completed or announced 19 acquisitions, (including acquisitions by
CI-affiliated RIAs), making it one of the country’s fastest-growing
wealth management platforms. Most recently, on June 28, 2021, CI
announced an agreement to acquire Radnor Financial Advisors
(“Radnor”), an RIA based in Wayne, PA, with approximately US$2.6
billion in assets. That transaction, which is scheduled to close
next quarter, is expected to increase CI’s U.S. assets to
approximately US$68 billion and total assets to US$247 billion.
All asset amounts are as at May 31, 2021.
About CI Financial CI Financial Corp. is an independent
company offering global asset management and wealth management
advisory services. CI managed and advised on approximately C$288.3
billion (US$239.0 billion) in client assets as of May 31, 2021.
CI’s primary asset management businesses are CI Global Asset
Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates
in Canadian wealth management through CI Assante Wealth Management
(Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP,
Aligned Capital Partners Inc., CI Direct Investing (WealthBar
Financial Services Inc.), and CI Investment Services Inc.
CI’s U.S. wealth management businesses consist of Barrett Asset
Management, LLC, BDF LLC, Bowling Portfolio Management LLC,
Brightworth, LLC, The Cabana Group, LLC, Congress Wealth
Management, LLC, Dowling & Yahnke, LLC, Doyle Wealth
Management, LLC, One Capital Management, LLC, The Roosevelt
Investment Group, LLC, RGT Wealth Advisors, LLC, Segall, Bryant
& Hamill, LLC, Stavis & Cohen Private Wealth, LLC and
Surevest LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the
New York Stock Exchange under CIXX. Further information is
available at www.cifinancial.com.
The FT 300 assesses registered investment advisors 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
advisors is based on six broad factors and calculates a numeric
score for each advisor. Areas of consideration include AUM, asset
growth, the company’s age, industry certifications of key
employees, SEC compliance record and online accessibility.
The Barron’s advisor ranking reflects the volume of assets
overseen by the advisors and their teams, revenues generated for
the firms, and the quality of the advisors’ practices. Barron’s
requested D&Y to apply for the ranking. The information for the
ranking was compiled by the advisor and may or may not be verified
by Barron’s. It is unknown as to the number of applicants
considered for the ranking and the percentage of applicants that
made the ranking. The award should not be viewed as representative
of any one client’s experience and should not be taken as an
indication of performance by D&Y and any of its clients. While
D&Y did not pay a fee to apply for the award, the firm does
purchase goods or services from the publisher of the award (such as
subscriptions to the publication, reprints of the ranking, and
payment to be included in other Barron’s-published lists). Barron’s
Hall of Fame is an award honoring a group of advisors who exemplify
long-term success and commitment to their clients. Each member of
the Hall of Fame has appeared in 10 or more of Barron’s annual Top
100 Advisor rankings.
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 acquisition of Radnor
will be completed and its asset levels will remain stable, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210630006014/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Corporate Communications 416-681-3254 moxby@ci.com
United States Trevor Davis, Gregory FCA for CI Financial
443-248-0359 cifinancial@gregoryfca.com
CI Financial (TSX:CIX)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
CI Financial (TSX:CIX)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024