Firms in Chicago, New York and Atlanta join
CI’s growing U.S. wealth business
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified
global asset and wealth management company, today announced it has
completed the acquisition of three U.S. registered investment
advisor (“RIA”) firms, adding approximately US$31 billion in assets
to its rapidly growing U.S. business.
The acquisitions completed today were previously announced
during the first quarter of 2021 and include Segall Bryant &
Hamill, LLC (“SBH”) of Chicago, Barrett Asset Management, LLC
(“Barrett”) of New York and Brightworth, LLC (“Brightworth”) of
Atlanta.
“As we execute on our vision to create the leading private
wealth platform in the United States, I am extremely pleased with
our pace of growth and the high quality of the firms in our group,”
said Kurt MacAlpine, Chief Executive Officer of CI Financial. “What
we have achieved is a national network of best-in-class RIAs backed
by CI’s resources and deep experience in wealth planning.”
The acquisitions completed today will increase CI’s U.S. assets
to approximately C$70 billion (US$56 billion) and CI’s total
combined assets under management and wealth management assets to
approximately C$280 billion (US$223 billion). (All asset amounts
are as at March 31, 2021.) CI’s total assets have grown by more
than C$100 billion since it embarked on a new strategic direction
in November 2019, guided by the strategic priorities of modernizing
its asset management, expanding its wealth management, and
globalizing the company.
SBH, which has US$23.6 billion in total assets, provides wealth
management services and institutional investment management
services to a broad array of clients from offices in Chicago,
Denver, Philadelphia, St. Louis and Naples, FL. SBH is led by
Philip Hildebrandt, the firm’s Chief Executive Officer.
Barrett, which has a lengthy history of success dating back to
1937, has approximately US$2.6 billion in assets and delivers
high-touch wealth management services to families, trusts and
charitable organizations. Barrett also offers two in-house mutual
funds. The firm is led by Chief Executive Officer Peter
Shriver.
Brightworth, which marks CI’s first presence in Georgia, is an
RIA that caters to high-net-worth families and individuals and has
approximately US$4.8 billion in assets. Brightworth also has an
office in Charlotte, NC. Brightworth Chief Executive Officer Ray
Padrón will continue to lead the firm.
Since 2020, CI has become one of the fastest-growing U.S. RIA
platforms, with 16 acquisitions in 15 months (including
acquisitions by affiliated RIAs).
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$240.6 billion (US$191.5
billion) in client assets as at March 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 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 BDF LLC,
Bowling Portfolio Management LLC, The Cabana Group, LLC, Congress
Wealth Management, LLC, Doyle Wealth Management, LLC, One Capital
Management, LLC, The Roosevelt Investment Group, LLC, RGT Wealth
Advisors, 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/20210430005578/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
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