Acquisition increases CI’s U.S. assets to
US$95 billion and deepens its Chicago presence
CI Financial Corp. (“CI”) (TSX:CIX; NYSE:CIXX) and Gofen and
Glossberg, LLC (“Gofen”) today announced an agreement under which
CI will acquire Gofen, a US$7.5-billion wealth and investment
management firm that offers customized investment solutions and
tailored planning solutions to primarily high-net-worth
families.
“Gofen is an exemplary wealth and investment management firm
that has delivered remarkable service since its founding in 1932,”
said Kurt MacAlpine, CI Chief Executive Officer. “Gofen’s committed
team, tenured client relationships and attention to customization
highlight their desire to go above and beyond. This is exactly the
type of firm CI looks to add to its growing CI Private Wealth
group.”
Throughout its long history, Gofen has excelled at delivering
white-glove-level investment and financial planning services. The
firm’s customized approach to building specific portfolios for each
client has resulted in long-tenured clients. By combining this
individualized approach with in-depth investment research, Gofen
has developed an outstanding wealth and investment management
practice, led by the firm's executive committee of James Borovsky,
Charles Gofen, Peter Kupferberg and Michael Stelmacki. Gofen is
also ranked on both the Barron’s 2021 list of Top 100 RIA Firms in
the United States and the CNBC Financial Advisor 100 list.
“As a firm with a history of 90 years, the decision to join with
CI was not taken lightly,” remarked Peter Kupferberg, a Gofen
Principal. “However, we could not be more confident in this
partnership, given the shared cultural and strategic vision of our
firms. We are excited to join CI and eager to work together to
extend and enhance the high level of service that helped build our
reputation.”
“In CI Private Wealth, CI has built an impressive and compelling
platform that includes top-tier wealth management firms across the
country,” said Charles Gofen, a Gofen Principal. “We look forward
to collaborating with our new colleagues and are confident that the
sharing of knowledge and expertise will greatly benefit our
practice and our clients.”
Gofen will be CI’s third Chicago-based RIA acquisition and will
substantially increase CI’s presence in the broader Midwest as
well. With the closing of this and other recently announced
transactions, CI’s assets in its U.S. wealth management business
are expected to reach approximately US$95 billion (C$121 billion),
while its total assets globally are anticipated to reach
approximately US$271 billion (C$344 billion).
This transaction is expected to close later this quarter,
subject to regulatory and other customary closing conditions.
Cambridge International Partners LLC served as advisors to Gofen
and legal advice was provided by Katz Teller. CI was advised by
Hogan Lovells US LLP. Financial terms were not disclosed.
All asset amounts are as at September 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$320.4
billion (US$252.7 billion) in client assets as at September 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, BDF LLC, Budros, Ruhlin & Roe, Inc., 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, Portola
Partners Group 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.
Barron's RIA rankings are intended to shine a spotlight on the
nation’s best wealth managers and raise standards in the industry.
Firms that wish to be ranked fill out a 102-question survey about
their practice. Barron’s verifies that data and applies its
rankings formula to the data to generate a ranking, based on
assets, revenue and quality of practice. For more information, see
Barron’s methodology. The CNBC FA 100 recognizes those advisory
firms that best help clients navigate their financial lives. The
methodology for the 2021 edition of CNBC’s annual FA 100 ranking of
registered investment advisors was prepared in partnership with
data provider AccuPoint Solutions. A variety of core data points
from AccuPoint Solutions’ database of RIAs were analyzed, ranging
from the firm’s compliance record and years in business to total
accounts and assets under management. For more information, visit
CNBC.
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 Gofen,
R.H. Bluestein & Co. and McCutchen Group LLC 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/20211110005545/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)
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