Firm specializes in meeting the complex
financial needs of tech founders, executives and other
ultra-high-net-worth investors
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) and Portola
Partners Group LLC (“Portola Partners” or “Portola”) today
announced an agreement under which CI will acquire Portola
Partners, a Silicon Valley wealth management firm specializing in
meeting the distinct needs of ultra-high-net-worth families.
Portola Partners manages US$5.2 billion in assets and provides
comprehensive investment and wealth planning solutions to respected
families with complex, unique requirements. It has developed
substantial expertise at the intersection of investments and tax,
wealth transfer, estate and charitable planning. Many of Portola’s
clients live in the San Francisco Bay area and include technology
company founders, executives and venture capitalists.
“Portola’s expertise and client focus have earned them the
loyalty and trust of some the country’s most successful wealth
creators, and we are thrilled to have the team join CI,” said Kurt
MacAlpine, CI Chief Executive Officer. “Portola has developed
wide-ranging capabilities to address the multifaceted needs of
ultra-high-net-worth families, from intellectually rigorous,
endowment-style investment management to complex tax planning to a
wide range of family office services. The Portola team and model
will be valuable in fostering the development of our
ultra-high-net-worth offering across CI Private Wealth.”
“Joining with such a premier group is a big step forward in
delivering on our two-part mission, doing what is right for our
deeply valued clients and for our exceptional team,” said Zack
Herlick, Portola Co-Managing Partner. “CI’s quality and scale will
allow us to broaden and deepen the array of best-in-class services
we offer to discerning families with sophisticated needs and
wants.”
“CI Private Wealth’s wisely crafted professional services
partnership model provides an unusually attractive, long-term
growth opportunity for our future generations of advisors and
leaders,” said Steve Rehmus, Portola Co-Managing Partner. “We have
been very impressed with the quality of our new colleagues at CI
and at the other well-managed, healthily growing CI Private Wealth
firms. This highly professional and collegial group is well suited
to deliver on CI’s strategic vision to build the leading private
wealth platform in North America.”
With this transaction, CI expands its presence into the San
Francisco Bay Area, an important region of technology-driven wealth
creation.
Following the completion of this and other outstanding
acquisitions, CI’s U.S. wealth management assets are expected to
reach approximately US$82 billion (C$103 billion), with CI’s total
assets globally reaching approximately US$263 billion (C$331
billion).
Alston & Bird LLP served as legal advisor to Portola and
Berkshire Global Advisors LP served as financial advisor to
Portola. CI’s legal advisor was Hogan Lovells US LLP. This
transaction is expected to close later this month, subject to
regulatory approval and other customary closing conditions.
Financial terms were not disclosed.
All financial amounts are as of August 31, 2021.
About Portola Partners
Portola Partners provides sophisticated investment advice and
integrated comprehensive planning to respected families,
foundations and endowments, many of whom have made and continue to
make significant contributions to the world. The firm is
distinguished by the quality and experience of its team. Senior
team members have worked closely together for over a decade and
lead a group of almost 30 professionals. Headquartered in the heart
of Silicon Valley, Portola serves clients in the San Francisco Bay
Area and across the United States.
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 of 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, 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 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/20210914005335/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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