Relationship provides enhanced access to the
growing alternative investments space for CI’s high-net-worth and
ultra-high-net-worth clients
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) announced today
it has made a strategic investment in GLAS Funds, LLC
(“GLASfunds™”), a turnkey alternative investment platform and
alternative asset management firm based in Cleveland.
Founded in 2009, GLASfunds is one of the leading tech-enabled
platforms providing investors with secure and streamlined digital
access to institutional-quality alternative investment
opportunities and asset management oversight. It has approximately
US$1.1 billion in combined assets under management and assets under
contract.
CI’s investment will strengthen GLASfunds’ offering to the
broader market, while providing CI Private Wealth clients with
enhanced access to alternative asset classes through a
best-in-class platform.
“Alternative assets are an increasingly important part of
investing today and having an execution platform like GLASfunds is
a critical foundational component to our strategy in this space,”
said Kurt MacAlpine, Chief Executive Officer of CI Financial.
“Making this investment will enable us to deliver a better client
experience, which is incredibly important as we work to build the
leading high-net-worth and ultra-high-net-worth wealth manager in
the U.S.”
“We are thrilled to work with CI to bring our leading
alternatives solution to CI Financial and their fast-growing CI
Private Wealth group,” said GLASfunds Managing Partner Michael
Maroon. “Alternatives have become a core component of
high-net-worth client portfolios, but the process to invest has
often been cumbersome. We simplify that process, enabling advisors
to deliver even better investment management service. Having CI as
a strategic partner will enhance our capabilities and reach and
broaden our appeal to all advisor firms seeking an alternative
investment platform.”
GLASfunds is thoughtfully designed to reduce the difficulties
advisors and their clients face in the alternatives space. Through
the platform, advisors can aggregate client capital and invest in
alternatives through a fully digital dashboard, streamlining the
process and reducing the paperwork typically required to execute a
customized alternatives portfolio. GLASfunds provides quarterly
updates, timely performance estimates and one aggregated K-1 report
across all positions. GLASfunds’ expert team can also provide
additional analytics, portfolio construction support and more. The
reduced administrative burden, simplified investment process and
access to top-tier alternatives make GLASfunds an exceptional
solution to add to CI Private Wealth’s growing investment
capabilities.
CI will take a strategic minority stake in GLASfunds, with an
option for majority ownership over the next four years. With the
completion of this and other recently announced transactions, CI’s
assets in its U.S. wealth management business are expected to reach
approximately US$98.7 billion (C$122.3 billion), while its total
assets globally are anticipated to reach approximately US$283.9
billion (C$351.7 billion).
The transaction is expected to close later this quarter, subject
to regulatory and other customary closing conditions. Katten Muchin
Rosenman LLP served as advisors to GLASfunds. CI was advised by
Hogan Lovells US LLP. Financial terms were not disclosed.
Asset amounts are as at October 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$331.8 billion (US$267.8
billion) in client assets as at October 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, 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, 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
GLASfunds, Gofen and Glossberg, LLC, R.H. Bluestein & Co. and
McCutchen Group LLC 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/20211110006418/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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