U.S. wealth management becomes CI’s largest
business line by assets with 17 transactions adding over US$90
billion in 2021
CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX) today announced
it has completed the acquisitions of four registered investment
advisor firms, adding approximately US$24 billion in assets to its
U.S. CI Private Wealth business (“CI Private Wealth”).
The acquired RIAs are Columbia Pacific Wealth Management (CPWM,
LLC) (“CPWM”) of Seattle, Gofen & Glossberg, LLC (“Gofen”) of
Chicago, RegentAtlantic Capital, LLC (“RegentAtlantic”) of
Morristown, N.J., and R.H. Bluestein & Co. (“Bluestein”) of
Birmingham, Mich. CI has also completed the acquisition of minority
stakes in alternative investment firms Columbia Pacific Advisors,
LLC (“CPA”) of Seattle and GLAS Funds, LLC (“GLASfunds”) of
Cleveland. The six transactions were previously announced in
November and December 2021 and closed by December 31, 2021.
These transactions add leading RIA firms with deep expertise and
extensive experience in serving the distinct needs of
high-net-worth and ultra-high-net-worth clients to CI Private
Wealth and advance its goal of becoming the leading private wealth
firm in the United States. CI also gains new capabilities in
alternative investments, an area of growing interest to
higher-net-worth investors.
The acquisitions cap a successful and productive year for CI and
its rapidly growing CI Private Wealth platform. During 2021,
CI:
- Added 15 RIAs to CI Private Wealth, which now consists of 23
RIAs in key metropolitan areas across the country.
- Grew U.S. assets from US$23 billion to approximately US$115
billion, making CI’s U.S. business its largest line of business by
assets.
- Completed strategic investments in two alternative investment
providers, increasing its presence in this growing sector.
- Established a private partnership model, which allows RIA
owners and employees to obtain equity in the broader CI Private
Wealth business in the United States, aligning entrepreneurial
drive and economic incentives across the organization.
“We are thrilled to have had such an amazing year of opportunity
and growth as we continue join forces with some of the best RIA
leaders and teams across the country,” said Kurt MacAlpine, Chief
Executive Officer of CI Financial. “We are looking forward to
another incredible year as we execute on our vision and continue to
bring our clients a world-class wealth management experience.”
Completed RIA acquisitions
Bluestein, founded in 1990, oversees approximately US$4.1
billion in assets from offices in Birmingham, Michigan and New York
City. The wealth and investment management firm specializes in
serving high-net-worth and ultra-high-net-worth individuals, trusts
and multi-generational families.
CPWM provides comprehensive wealth management services,
including retirement, estate, tax and cash flow planning, risk
management, and investment management to high-net-worth and
ultra-high-net-worth individuals and families. It manages
approximately US$6.4 billion in assets and has offices in Seattle
and San Francisco.
Gofen is a Chicago-based wealth and investment management firm
with approximately US$7.5 billion in assets under management. It
has offered customized investment solutions and tailored wealth
planning solutions to high-net-worth and ultra-high-net-worth
clients since 1932.
RegentAtlantic, founded in 1982, serves high-net-worth
individuals and families and institutions on the East Coast and
across the U.S. With offices in Morristown, N.J. and New York City,
it offers a comprehensive range of wealth planning services,
including financial planning and investment management. It has
approximately US$6.0 billion in assets under management.
Completed strategic investments
CPA manages approximately US$3.5 billion in assets across a
broad selection of institutional-caliber real estate, private
equity, direct lending, opportunistic and hedged strategies. The
Seattle firm has attracted clients from the U.S. and
internationally, including individuals and institutions such as
pension funds and sovereign wealth funds.
GLASfunds, based in Cleveland, is a leading tech-enabled
platform providing investors with secure and streamlined digital
access to institutional-quality alternative investment
opportunities and asset management oversight. It has approximately
US$1.1 billion in combined assets under management and assets under
contract.
Asset amounts are as at November 30, 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$338.1 billion (US$264.6
billion) in client assets as at November 30, 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, Balasa Dinverno Foltz LLC, BRR OpCo, LLC, Bowling
Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC,
CPWM, LLC, Congress Wealth Management LLC, Dowling & Yahnke,
LLC, Doyle Wealth Management, LLC, Gofen & Glossberg, LLC,
Matrix Capital Advisors, LLC, McCutchen Group LLC, OCM Capital
Partners, LLC, Portola Partners Group LLC, Radnor Financial
Advisors, LLC, RegentAtlantic Capital, LLC, The Roosevelt
Investment Group, LLC, RGT Wealth Advisors, LLC, R.H. Bluestein
& Co., 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.
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/20220104005222/en/
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
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