CI Financial has signed an agreement to acquire Northwood Family Office, which is a multi-family office based in Toronto, Canada.
Northwood manages and co-ordinates investment, financial aspects of wealthy families in Canada and across the globe.
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It manages around $1.75bn (C$2.2bn) of investment assets as well as $7.16bn (C$9bn) of family net worth on behalf of clients.
These clients include senior corporate executives, entrepreneurs, charitable and family foundations, and other ultra-high-net-worth individuals and families.
CI CEO Kurt MacAlpine said: “We’re excited and honoured that Northwood has chosen to combine with CI. As pioneers in the multi-family office business, Founders Tom McCullough and Scott Hayman have set the Canadian standard for serving wealthy clients with highly complex financial and personal requirements.”
MacAlpine further added: “Northwood is a great complement to our Canadian CI Private Wealth business and together they form a strong foundation for building the country’s leading high-net-worth and ultra-high-net-worth platform.
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By GlobalData“With the addition of one of Canada’s leading family offices, CI can now seamlessly serve the entire spectrum of wealth management, from beginning investors to the nation’s wealthiest families.”
Northwood chairman and CEO Tom McCullough said: “CI is an exceptional strategic and cultural fit for our firm as we move to a new stage in Northwood’s growth and development.
“We take a comprehensive, integrated and objective approach to meeting our clients’ needs, an approach that’s shared and valued by CI and its wealth management teams in both Canada and the U.S.
“With CI’s support, we look forward to enhancing the services we provide to our clients, while taking advantage of the tremendous growth opportunities available in the family office segment.”
The Northwood team has expertise in investment management, financial planning, tax and estate planning, administrative management, philanthropy, and family governance and communication.
The deal is expected to boost CI’s Canadian wealth management assets to around C$81bn and total assets across its global operations to around C$377bn.
Blair Franklin Capital Partners acted as financial advisor to Northwood.
Torkin Manes served as legal advisor to Northwood and its shareholders.
Blake, Cassels & Graydon served as CI’s legal advisor.
This deal is expected to close in Q2 2022, subject to regulatory approval and other customary closing conditions.
Financial terms were not disclosed.
