CI Private Wealth, a division of CI Financial has acquired Chicago-based registered investment adviser Matrix Capital Advisors for an undisclosed amount.
Matrix, which oversees $615m in assets, caters to high-net-worth (HNW) clients. The firm is led by managing directors Christopher Burke and Michael Wik.
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CI CEO Kurt MacAlpine said: “We are excited to welcome another exceptional firm in Matrix Capital Advisors to CI Private Wealth.
“For two decades, Matrix has provided best-in-class service to high-net-worth clients in the greater Chicago area, building deep and meaningful relationships through a personal and customised approach. As part of CI Private Wealth, the Matrix team will continue to comprehensively serve their clients while taking advantage of the additional resources that CI can provide as a global firm.”
Burke said: “CI was a natural choice for our firm and our clients, given the company’s long experience in asset management and wealth management, scale and dedication to building a national, client-focused private wealth company.
“By combining with CI Private Wealth, we will benefit from CI’s capabilities and support in all aspects of the business, allowing us to further enhance the service and attention we provide to our clients.”
Separately, CI concluded the previously announced acquisition of Seattle-based McCutchen Group.
McCutchen, which manages $3.4bn in assets, offers financial advisory services such as investment management, tax, charitable and estate planning. It also provides family office services to HNW and ultra-high-net-worth (UHNW) clients in the Pacific Northwest and across the US.
These transactions are expected to add $4bn in assets to CI’s US wealth management business, taking its total assets to approximately $86.6bn.
Last month, the firm agreed to buy Chicago-based wealth and investment management firm Gofen and Glossberg, which oversees $7.5bn in assets.
