CI Financial Completes Acquisition of Pennsylvania RIA Radnor Financial Advisors
01 Septembre 2021 - 5:54PM
Business Wire
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) today announced
it has completed the acquisition of Radnor Financial Advisors
(“Radnor”), a registered investment advisor based in Wayne, Pa.
with US$2.6 billion in assets.
“We’re excited to continue expanding and enriching our U.S.
network with high-quality RIAs like Radnor,” said Kurt MacAlpine,
CI Chief Executive Officer. “Adding such an experienced firm
furthers our goal of building the leading wealth management
platform in the United States. With a team of industry veterans
dedicated to high-caliber client service, Radnor is an exemplary
RIA and we’re proud to welcome them to CI.”
CI first announced an agreement to acquire Radnor in June 2021.
Founded in 1989, Radnor serves a client base of over 300
high-net-worth individuals, families and senior corporate
executives from its office in the Philadelphia area. The firm’s
specialties include wealth management and executive
compensation.
Since entering the U.S. RIA sector in January 2020, CI has
become one of the country’s fastest-growing wealth platforms. With
the completion of the acquisition of Radnor and another outstanding
transaction, CI’s U.S. business will include 16 RIAs serving
clients across the country, with assets totaling approximately
US$75 billion (C$94 billion). CI’s total assets globally are
expected to reach approximately US$254 billion (C$317 billion).
All amounts are as of July 31, 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$309 billion (US$248 billion)
in client assets as of July 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 acquisition of Budros,
Ruhlin & Roe 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/20210901005777/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
Media Relations United States Trevor Davis,
Gregory FCA for CI Financial 443-248-0359
cifinancial@gregoryfca.com
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