Transaction will grow CI’s U.S. platform to
US$74 billion
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) and Budros,
Ruhlin & Roe, Inc. today announced an agreement under which CI
will acquire Budros, Ruhlin & Roe, a leading Columbus-based
wealth management firm with US$3.4 billion in assets.
“Budros, Ruhlin & Roe is the leading private wealth firm in
its region with a multi-decade track record of success,” said Kurt
MacAlpine, CI Chief Executive Officer. “They share our
client-centered approach and emphasis on comprehensive wealth
planning. Their highly accomplished team will play a valued role in
building CI Private Wealth into a national leader.”
Established in 1979, Budros, Ruhlin & Roe has evolved into a
leading, high-quality RIA providing investment management and
financial planning services, primarily for high-net-worth clientele
and foundations. The firm also offers retirement plan management
for 401(k) and pension plans. With more than 800 clients, much of
the firm’s growth can be attributed to a strong referral network
built upon its glowing reputation. In 2011, Budros, Ruhlin &
Roe won the Schwab IMPACT Awards® Best in Business Award, a
prestigious achievement only bestowed upon one firm a year.
“While this is an acquisition, we also see it as an exciting
merger with like-minded friends in the industry who share our
fiduciary approach and high standards,” said Dan Roe, co-CEO of
Budros, Ruhlin & Roe. “We look forward to developing CI Private
Wealth in the U.S. and helping this best-in-class operation benefit
clients and employees alike.”
“We chose CI because it is in complete alignment with our firm’s
constitution, providing our clients with the very best wealth
management services, helping employees grow in their jobs and
continuously striving to improve what we do and how we do it,”
added co-CEO John Schuman. “It’s exciting to help define the future
of an industry-leading wealth management platform in the U.S.”
This acquisition further cements CI Private Wealth as one of the
fastest-growing RIA platforms in the U.S., and it now consists of
16 RIAs with offices across the country. Following the completion
of all outstanding transactions, CI’s U.S. wealth assets are
expected to be approximately US$74 billion (C$91 billion), with
CI’s total assets globally reaching approximately US$251 billion
(C$311 billion). Budros, Ruhlin & Roe will also expand CI’s
presence in the Midwest, where it has RIA firms based in Chicago
and Cincinnati.
This transaction is expected to close in the fourth quarter of
2021, subject to regulatory approval and other customary closing
conditions. Ice Miller LLP served as legal advisor to Budros,
Ruhlin & Roe. CI’s legal advisor was Hogan Lovells US LLP.
Financial terms were not disclosed.
All amounts are as of June 30, 2021.
About Budros, Ruhlin & Roe
Budros, Ruhlin & Roe is an independent, fee-only wealth
management firm with US$3.4 billion in assets under management and
advisement. Founded in 1979, it offers comprehensive and customized
wealth management, investment management and retirement plan
services, serving in a fiduciary capacity for individuals, families
and institutions.
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$304.0 billion (US$245.2
billion) in client assets as of June 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, 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, 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 Radnor
Financial Advisors and Budros, Ruhlin & Roe 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.
The IMPACT Awards®, established by Charles Schwab & Co.,
Inc. in 2006, recognize advisors and firms that have advanced the
industry through their visionary leadership, operational excellence
and technology innovation. The Best-in-Business Award goes to an
independent investment advisory firm that has been in business 10
years or more and has elevated business management to new levels of
excellence and achieved exceptional business results. The IMPACT
Awards are judged by a panel of recognized experts. The IMPACT
Awards® are not a referral to, endorsement or recommendation of, or
testimonial for the advisor with respect to its investment advisory
or other services. Independent investment advisors are not owned
by, affiliated with, or supervised by Schwab. For more information,
visit https://impact.schwab.com/about/awards/.
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version on businesswire.com: https://www.businesswire.com/news/home/20210810005376/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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