CI Financial concludes six deals, adds $24bn to US private wealth business

CI Financial has concluded its six previously announced transactions, bringing its total US assets to $115bn.

The deals include the acquisition of four registered investment advisor (RIA) firms, namely, Columbia Pacific Wealth Management, RegentAtlantic Capital, Gofen & Glossberg, and R.H. Bluestein & Co.

These firms collectively add approximately $24bn assets to CI’s US private wealth business.

Additionally, CI closed the purchase of minority stakes in alternative investment firms Columbia Pacific Advisors (CPA) and GLAS Funds.

These transactions, closed by 31 December 2021, will enable the Canadian wealth manager to better serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients in the US.

Additionally, CI further bolsters its capabilities in alternative investments.

CI Financial CEO Kurt MacAlpine said: “We are thrilled to have had such an amazing year of opportunity and growth as we continue join forces with some of the best RIA leaders and teams across the country.

“We are looking forward to another incredible year as we execute on our vision and continue to bring our clients a world-class wealth management experience.”

CI Private Wealth in 2021

CI Private Wealth, the US wealth management division of CI, is currently said to be the firm’s largest business line by assets.

The firm added 15 RIAs to the division during 2021, taking assets under management (AuM) from $23bn to approximately $115bn.

CI follows a private partnership model, which enables RIA owners and employees to pick equity in the broader CI Private Wealth business in the US.