Fast-growing C$320-billion wealth and asset
management firm makes strategic move to support continued U.S.
expansion
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified
global asset and wealth management company, announces the
establishment of its U.S. headquarters in Miami.
The addition of a headquarters in Florida follows CI’s rapid
wealth management expansion in the U.S., with the company acquiring
or agreeing to acquire 21 registered investment advisor firms
(including affiliate acquisitions) in 19 months since rolling out a
new corporate strategy. During this period, CI’s U.S. assets have
reached C$92 billion (US$73 billion). CI’s total assets globally
have grown to C$320 billion (US$254 billion), up from C$176 billion
(US$131 billion) only 18 months ago – making CI one of the
fastest-growing asset and wealth management companies globally.
(Asset levels as at August 31, 2021.)
Establishing the Miami headquarters serves as a natural
evolution of CI’s expansion in the U.S. This office will oversee
the continued development of CI Private Wealth, the brand name for
CI’s U.S. platform.
“Miami is an incredible place to establish our U.S. headquarters
and support our fast-growing U.S. business,” said Kurt MacAlpine,
Chief Executive Officer of CI Financial. “It serves as the next
logical step for our expansion plans as we work to build the
leading high-net-worth wealth management platform in the country.
In addition, Miami is a vibrant, multicultural city that offers a
deep talent pool, an attractive location for recruiting and a very
business-friendly environment.”
The office, located in the city’s Brickell district, will be
home to CI’s U.S. operations and the primary location for its U.S.
leadership team. CI’s executive officers will divide their time
between the Miami and Toronto offices. CI expects to expand its
presence in Miami over time as the firm continues to execute
against its U.S. corporate strategy.
“We are thrilled to welcome CI Financial to Florida,” said
Governor Ron DeSantis. “Their move is the latest example of our
welcoming business climate at work – something we continue to see
from Miami to Pensacola. We appreciate CI Financial’s commitment to
our state and wish them all the success.”
“CI Financial is the largest financial institution to ever place
a headquarters in South Florida,” said Miami Mayor Francis Suarez.
“The significance of this cannot be overstated and moves us further
towards our goal to become the ’capital of capital.’ We thank Kurt
MacAlpine, the board of directors, their executive team, and our
own Venture Miami team for supporting their move to the City of
Miami.”
“We are thrilled to welcome one of Canada’s largest asset and
wealth management firms to Miami-Dade County. This move is a
testament to the ongoing efforts of The Miami-Dade Beacon Council
and our thriving community that continues to attract a growing
number of global firms in finance, tech and more,” said Miami-Dade
Mayor Levine Cava.
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$320.4 billion (US$253.9
billion) in client assets as at August 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, Radnor Financial
Advisors, 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 acquisitions of Portola
Partners Group LLC and Budros, Ruhlin & Roe, Inc. will be
completed and their asset levels will remain stable, 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/20210915005351/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 trevor@gregoryfca.com
Canada Murray Oxby Vice-President, Corporate
Communications 416-681-3254 moxby@ci.com
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