CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) and Northwood
Family Office Ltd. (“Northwood”) today announced an agreement under
which CI will acquire Northwood, Canada’s leading multi-family
office1.
Toronto-based Northwood manages and co-ordinates the integrated
financial, investment and personal affairs of wealthy Canadian and
global families. The firm manages approximately $2.2 billion of
investment assets and $9 billion of family net worth on behalf of
clients who include entrepreneurs, senior corporate executives,
charitable and family foundations, and other ultra-high-net-worth
individuals and families.
Northwood is an industry leader and one of the first
multi-family offices established in Canada. They have built an
exceptional reputation and a global network. Northwood has
consistently been ranked the #1 Family Office in Canada from 2016
to 20211.
“We’re excited and honoured that Northwood has chosen to combine
with CI,” said Kurt MacAlpine, CI Chief Executive Officer. “As
pioneers in the multi-family office business, Founders Tom
McCullough and Scott Hayman have set the Canadian standard for
serving wealthy clients with highly complex financial and personal
requirements. Supporting their success are many decades of industry
experience, deep relationships with clients and throughout the
ultra-high-net-worth community, and a high-calibre, expert
team.
“Northwood is a great complement to our Canadian CI Private
Wealth business and together they form a strong foundation for
building the country’s leading high-net-worth and
ultra-high-net-worth platform,” said Mr. MacAlpine. “With the
addition of one of Canada’s leading family offices, CI can now
seamlessly serve the entire spectrum of wealth management, from
beginning investors to the nation’s wealthiest families.”
“CI is an exceptional strategic and cultural fit for our firm as
we move to a new stage in Northwood’s growth and development,” said
Tom McCullough, Northwood’s Chairman and Chief Executive Officer.
“We take a comprehensive, integrated and objective approach to
meeting our clients’ needs, an approach that’s shared and valued by
CI and its wealth management teams in both Canada and the U.S. With
CI’s support, we look forward to enhancing the services we provide
to our clients, while taking advantage of the tremendous growth
opportunities available in the family office segment.”
The Northwood team is highly credentialled and has
well-developed expertise in investment management, financial
planning, tax and estate planning, administrative management,
philanthropy, and family governance and communication, and is able
to advise clients on all aspects of their affairs.
“We’re proud of our team and the standard of service that they
deliver to clients and we look forward to partnering with CI to
continue to improve our client service offering,” said Scott
Hayman, President and Head of Client Service.
The firm is a founding member of the Wigmore Association, a
group of leading family offices from around the world. The
association, formed in 2011, is part of Northwood’s global network
of professionals and experts and has supported Northwood’s efforts
to bring the best industry practices to the Canadian market.
Northwood is also known for being a thought leader, with the
firm’s leaders being active in teaching, writing and speaking on
business, wealth management and industry topics. Mr. McCullough is
the co-author of two books: Family Wealth Management, and Wealth of
Wisdom: The Top 50 Questions Wealthy Families Ask. He is also an
adjunct professor in the MBA program at the University of Toronto’s
Rotman School of Management, where he teaches “The Management of
Private Wealth.”
Northwood’s accolades include being recognized in the 2020 North
American Family Wealth Report Awards as the Best Multi-Family
Office (with less than $2.5 billion of assets under
management/administration). Mr. McCullough was also honored in the
category of Outstanding Contribution to Wealth Management Thought
Leadership (Individual)2.
The acquisition is expected to increase CI’s Canadian wealth
management assets to approximately $81 billion and total assets
globally to approximately $377 billion.
Blair Franklin Capital Partners Inc. served as financial advisor
to Northwood. Torkin Manes LLP served as legal advisor to Northwood
and its shareholders. CI’s legal advisor was Blake, Cassels &
Graydon LLP. This transaction is expected to close in the second
quarter of this year, subject to regulatory approval and other
customary closing conditions. Financial terms were not
disclosed.
All financial amounts are as at November 30, 2021 and in
Canadian dollars, unless stated otherwise.
About Northwood Family Office
Northwood Family Office, headquartered in Toronto, is Canada’s
leading multi-family office, focusing on families with $10 million
to $1+ billion in family net worth. Founded in 2003 by Chairman and
CEO Tom McCullough and President Scott Hayman, Northwood has
quickly become one of the leaders in its field. Northwood serves
the comprehensive needs of wealthy families, helping them sustain
and grow financial and human capital across the generations.
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$338.1 billion (US$264.6
billion) in client assets as of November 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, Balasa Dinverno Foltz LLC, BRR OpCo, LLC, Bowling
Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC,
CPWM, LLC, Congress Wealth Management LLC, Dowling & Yahnke,
LLC, Doyle Wealth Management, LLC, Gofen & Glossberg, LLC,
Matrix Capital Advisors, LLC, McCutchen Group LLC, OCM Capital
Partners, LLC, Portola Partners Group LLC, Radnor Financial
Advisors, LLC, RegentAtlantic Capital, LLC, The Roosevelt
Investment Group, LLC, RGT Wealth Advisors, LLC, R.H. Bluestein
& Co., 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.
- As ranked by the Euromoney Private Banking and Wealth
Management Survey, which was first published in 2004 and is
recognized as one of the foremost benchmarks for the private wealth
management industry globally. The survey uses a peer ranking
methodology and recognizes the leading providers of private banking
and wealth services. For more information, visit the Euromoney
site.
- The Family Wealth Report Awards were established in 2013.
Winning a Family Wealth Report Award sets organizations and
individuals apart from their peers. It rewards achievement and
showcases top class performance and innovation. For more
information, please visit the awards site.
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
Northwood 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/20220111005355/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Corporate Communications 416-681-3254 moxby@ci.com
United States Trevor Davis, Gregory FCA for CI Financial
443-248-0359 cifinancial@gregoryfca.com
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