Addition of California RIA deepens CI’s
presence in ultra-high-net-worth segment and increases U.S.
wealth management assets to US$125 billion
CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX), today
announced an agreement under which CI will acquire Corient Capital
Partners, LLC (“Corient”), a Newport Beach-based wealth management
firm overseeing US$5.0 billion on behalf of ultra-high-net-worth
individuals and families across the United States.
Founded in 2015 by a team of highly experienced advisors,
Corient delivers a client-focused, comprehensive wealth management
service that aligns precisely with the vision of CI Private Wealth.
Corient combines a holistic advisory model with an alternative
investments platform designed to meet client needs in all areas of
wealth and investment management. Corient is home to 24 full-time
employees, who work primarily with entrepreneurs, executives,
athletes, families and charitable foundations.
“Corient is an exceptional firm with a first-rate, highly
dedicated team,” said Kurt MacAlpine, CI Chief Executive Officer.
“Corient’s deep relationships with their clients and commitment to
their success have directly contributed to the firm’s tremendous
growth, reaching $5 billion in assets in just seven years.
“The team’s extensive experience and success in serving
ultra-high-net-worth individuals and families will deepen CI
Private Wealth’s presence and expertise in this important segment,
and Corient’s location in the Los Angeles region, one of the
country’s largest and most dynamic economies, is a solid foundation
for continued strong growth.”
“We are excited to join CI Private Wealth and partner with what
are, without question, some of the highest-quality firms in our
industry,” said Darren Henderson, Corient Partner. “The CI Private
Wealth Partnership model supports the continued enhancement of the
services we offer our clients, while as partners, we will
participate fully in the development of a new, national private
wealth firm.”
The transaction was supported by Merchant Investment Management,
LLC, which has been an equity investor in Corient since 2020.
“We thank the Merchant team for their partnership,” said Corient
Partner Chris Copps. “Working with them has been a pleasure and we
appreciate the confidence they placed in our firm.”
This transaction is expected to increase assets in CI’s U.S.
Wealth Management segment to approximately US$125 billion (C$158
billion). With the completion of other outstanding transactions,
CI’s total assets under management and advisement globally are
expected to reach approximately US$311 billion (C$393 billion).
The transaction is expected to close in the second quarter of
2022, subject to regulatory approvals and other customary closing
conditions. Ernst & Young Capital Advisors, LLC served as
advisors to Corient and legal advice was provided by Alston &
Bird. CI’s legal advisor was Hogan Lovells US LLP. Financial terms
were not disclosed.
Financial amounts are as at December 31, 2021.
About Merchant Investment Management
Merchant is a private partnership providing growth capital,
management resources, strategic opportunities and direction to
independent financial services companies, particularly those
focused on wealth and asset management. For additional information,
please visit www.merchantim.com.
About CI Financial
CI Financial Corp. is an integrated global wealth and asset
management company. CI managed and advised on approximately C$384.1
billion (US$304.0 billion) in client assets as at December 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, 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.
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 Corient
and Northwood Family Office Ltd. will be completed and their asset
levels will remain stable and 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/20220222005563/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Communications 416-681-3254 moxby@ci.com
United States Trevor Davis, Gregory FCA for CI Financial
610-415-1145 cifinancial@gregoryfca.com
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