Addition of multi-family office RIA boosts
CI’s U.S. wealth assets to US$83 billion
CI Financial Corp. (“CI”) (TSX:CIX; NYSE:CIXX) and McCutchen
Group LLC ( “McCutchen Group”) today announced an agreement under
which CI will acquire McCutchen Group, an ultra-high-net-worth
focused wealth management firm with US$3.4 billion in assets under
management.
As a trusted advisor to a select group of individuals and
families across the country, the Seattle-based firm provides
comprehensive financial advisory services ranging from investment
management to tax, charitable and estate planning, as well as
family office services. Founded in 2007, McCutchen Group is guided
by a client-first mentality that allows it to deliver a high level
of personal service.
“McCutchen Group is an exceptional multi-family office RIA with
deep client relationships, developed through extensive experience
serving the complex needs of the ultra-high-net-worth segment,”
said Kurt MacAlpine, CI Chief Executive Officer. “McCutchen Group
further enhances our presence and expertise in this space, which is
critical to CI Private Wealth becoming the leading wealth
management platform in the U.S. for high-net-worth and
ultra-high-net-worth individuals and families.
“In addition, McCutchen Group is CI’s first office in the
Pacific Northwest and provides a solid foundation for continued
growth in that region.”
“CI is an ideal partner for us and our clients, given the strong
alignment of culture and values and its commitment to a
client-focused model,” said Matt McCutchen, Founder and Chief
Executive Officer of McCutchen Group. “Working with CI will allow
us to expand and enhance the services we offer our clients while
preserving the advisory model that our clients value.”
Since entering the U.S. registered investment advisor sector in
January 2020, CI has become one of the country’s fastest-growing
national wealth management platforms. This transaction is expected
to boost CI’s U.S. wealth management assets to approximately US$83
billion (C$106 billion), with CI’s total assets globally amounting
to approximately US$260 billion (C$329 billion).
The Asset & Wealth Management Investment Banking Group of
Raymond James & Associates, Inc. acted as financial advisor to
McCutchen Group and Perkins Coie served as legal advisor. CI’s
legal advisor was Hogan Lovells US LLP. This transaction is
expected to close later this year, subject to regulatory approval
and other customary closing conditions. Financial terms were not
disclosed.
All financial amounts are as of 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, 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
McCutchen Group will be completed and its 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/20211021005293/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
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