CI continues U.S. wealth management
expansion with 19th acquisition, deepening its Mid-Atlantic
presence and boosting total assets to C$298 billion
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) today announced
an agreement to acquire Radnor Financial Advisors (“Radnor”), a
comprehensive wealth and investment management firm serving
primarily high-net-worth families in the Greater Philadelphia
region.
Radnor, based in Wayne, Pa., brings approximately US$2.6 billion
to CI’s fast-growing U.S. registered investment advisor (“RIA”)
platform, which now has a national presence with offices across the
country. This and one other recently announced transaction are
expected to increase CI’s U.S. assets to approximately US$68
billion.
“Radnor Financial Advisors is an exemplary RIA that is well
recognized for its best-in-class client service and team,” said
Kurt MacAlpine, CI Chief Executive Officer. “For over 30 years,
Radnor has delivered a suite of services that encapsulate wealth
and investment management. We look forward to helping them expand
their services and continue to deliver for their incredible client
base.”
From its founding in 1989, Radnor has primarily catered to
high-net-worth individuals and families and established a niche in
serving senior corporate executives. Because of the firm’s client
base, it has developed a specialty in executive compensation and
financial planning. Additionally, Radnor has built a team that
includes a comprehensive accounting and income tax division, and
fiduciary income tax-return preparation services.
“Advanced capabilities in tax advice and preparation are
extremely valuable for high-net-worth clients and Radnor’s
expertise in this area will be a great addition to our platform,”
said Mr. MacAlpine.
“We are excited to join the growing CI network of like-minded
firms to continue Radnor’s growth, with a clear focus on providing
superior client service, maintaining a fiduciary responsibility and
expanding professional opportunities for our staff,” said Michael
Mattise, Managing Partner, President and Chief Investment Officer
of Radnor.
“As a firm with a close-knit, family-like atmosphere and an eye
toward multigenerational service and stability, we feel that
partnering with CI builds on our over 30-year history and will
provide a strong path forward for our clients, team and business
partners. We look forward to leveraging the resources,
infrastructure and deep expertise that will come from being part of
the CI family while continuing to offer the exceptional client
experience that we have become known for.”
Emigrant Partners, LLC/Fiduciary Network, LLC (“Emigrant
Partners”), supported the transaction and is selling its minority
interest in Radnor to CI.
“We continue to deepen our working relationship with CI
Financial, which has become a dominant player as a majority
acquirer,” said Karl Heckenberg, Chief Executive Officer of
Emigrant Partners. “CI and Emigrant have complementary business
models and it’s exciting to see the types of opportunities we can
create for RIAs looking to achieve specific objectives. We’ve
enjoyed an incredible relationship with the Radnor team and we
believe their next 30 years will be even more successful than the
last 30.”
The acquisition marks CI’s 19th in the U.S. (including
acquisitions by CI-affiliated RIAs) since January 2020, making it
one of the country’s fastest-growing wealth management platforms.
Following the completion of all outstanding transactions, CI’s
total assets are expected to reach US$247 billion (C$298
billion).
All asset amounts are as at May 31, 2021.
This transaction is expected to close in the third quarter of
2021, subject to regulatory approval and other customary closing
conditions. Radnor was advised by Alston & Bird LLP and CI was
advised by Hogan Lovells US LLP. Financial terms of this
transaction were not disclosed.
About Radnor Financial Advisors
Radnor Financial Advisors is a leading independent, fee-only
wealth management firm in the Philadelphia area that specializes in
providing comprehensive financial planning, investment management,
strategic tax planning and accounting services. Founded in 1989
with an emphasis on senior corporate executives, Radnor Financial
Advisors has grown to provide individualized service to a variety
of high-net-worth individuals and families across all life stages,
seeking to positively impact their clients' lives.
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, 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.
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 each of
Radnor and Dowling & Yahnke, LLC will be completed and their
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/20210628005112/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
CI Financial (TSX:CIX)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
CI Financial (TSX:CIX)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024