TSX Symbol: CIX
TORONTO, Sept. 8, 2017 /CNW/ - CI Financial Corp. ("CI")
and BBS Securities Inc. today announced they have reached an
agreement under which CI will acquire BBS Securities Inc. and
associated entities, including Pario Technology Corp., a financial
technology company, and Virtual Brokers, a top-ranked online
brokerage (collectively, "BBS").
"We are excited to acquire BBS, whose innovative technology has
made it a leader in its market," said Peter
W. Anderson, CI's Chief Executive Officer. "As part of this
purchase, we are gaining exceptional technology that can be used
throughout the CI Financial group of companies to increase the
efficiency of our operations and enhance the products and services
we offer to financial advisors and their clients."
BBS provides a wide range of services to retail and
institutional investors using a proprietary system that is one of
the most technologically advanced and efficient brokerage platforms
in the Canadian market. The company has experienced rapid growth
over the last six years and Virtual Brokers has been the
highest-ranked firm in the annual Globe and Mail ranking of
online brokers in four of the last five years. As well, the
company's platform is used by a number of investment counsellors
and other institutions.
"As one of Canada's largest
asset managers, we are ensuring we have the capabilities and the
technology to effectively meet the evolving needs of our investors
and advisors," Mr. Anderson said.
"We are delighted to be joining forces with CI Financial,
another company that prides itself on being independent and
entrepreneurial," said Bardya
Ziaian, Founder, CEO and President of BBS Securities. "Our
firm will benefit from the financial strength and stability of CI,
which will support investments in technology, product development
and service."
The transaction is expected to close in the fourth quarter of
2017, subject to regulatory approvals. Following the close, Virtual
Brokers will continue to operate under its current name. Terms of
the transaction were not disclosed. Blair
Franklin acted as exclusive financial advisor to BBS.
About CI Financial Corp.
CI Financial Corp. (TSX: CIX)
is an independent, Canadian-owned wealth management company with
approximately $161 billion in assets
as of August 31, 2017. Its primary
operating businesses are CI Investments Inc., one of Canada's largest investment managers, advisory
businesses Assante Wealth Management and Stonegate Private Counsel,
Grant Samuel Funds Management of Australia, and First Asset Investment
Management, a leader in providing actively managed exchange-traded
funds to the Canadian marketplace. Further information is available
at www.cifinancial.com.
This press release contains forward-looking statements with
respect to CI Financial and its products and services, including
its business operations and strategy and financial performance and
condition. Although management believes that the expectations
reflected in such forward-looking statements are reasonable, such
statements involve risks and uncertainties. Actual results may
differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially from expectations include, among other things,
general economic and market factors, including interest rates,
business competition, changes in government regulations or in tax
laws, and other factors discussed in materials filed with
applicable securities regulatory authorities from time to
time.
SOURCE CI Financial Corp.