CI’s combined total assets reach record
C$228 billion
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified
global asset and wealth management company, today announced it has
completed the acquisition of four U.S. registered investment
advisor (“RIA”) firms, boosting its U.S. wealth management assets
by approximately US$9.4 billion to US$22 billion.*
The previously announced acquisitions were completed on December
31, 2020, and include RGT Wealth Advisors, LLC (“RGT”) of Dallas,
The Roosevelt Investment Group, Inc. (now The Roosevelt Investment
Group, LLC; “Roosevelt”) of New York City, Doyle Wealth Management,
Inc. (now Doyle Wealth Management, LLC; “DWM”) of St. Petersburg,
Florida, and Stavis & Cohen Financial LLC (now Stavis &
Cohen Private Wealth, LLC; “SC”) of Houston.
CI strategically entered the U.S. wealth management industry
early in 2020 and during the year made 10 direct RIA acquisitions
and 13 acquisitions overall (including those by CI’s affiliated
RIAs), becoming one of the industry’s fastest-growing RIA
platforms.
“In less than a year, we have built a US$22-billion wealth
management business with operations across the United States,” said
Kurt MacAlpine, CI Chief Executive Officer. “This growth has been
driven by CI’s unique value proposition for RIAs, who appreciate
our collaborative approach, extensive experience in wealth planning
and commitment to holistic, client-centered advice. Our strategy is
driven by our firm belief that the financial advisor is more
important than ever as clients’ financial lives become increasingly
complex.”
The acquisitions have increased CI’s combined assets under
management and wealth management assets to a record total of
approximately C$228 billion (US$175 billion)*.
RGT serves clients across Texas and the U.S. and has
approximately US$4.7 billion in assets. RGT’s accolades include
being recognized by Barron’s magazine as one of America’s Best RIA
Firms in 2019 and 2020. CI has acquired a majority interest in the
company, which is led by Chief Executive Officer Mark Griege.
Roosevelt serves high-net-worth families in the greater New York
area and has approximately US$2.9 billion in assets. Roosevelt is
led by Co-Chief Executive Officers Adam Sheer and David Sheer.
DWM is a leading wealth management firm in the Tampa Bay area
with approximately US$1.2 billion in assets. CI has acquired 100%
of DWM, which is led by co-founders Robert Doyle and Jillian Doyle.
DWM is also a licensed CPA firm offering tax preparation services
to select clients.
SC, led by co-founders Deborah Stavis, Chief Executive Officer,
and Eddie Cohen, Chief Investment Officer, focuses on wealth
planning services for energy industry executives, business owners
and financially independent women. CI has acquired a majority
interest in the firm with approximately US$590 million in
assets.
CI’s RIA acquisitions are part of its strategic priorities of
globalizing the firm and expanding its wealth management platform.
As part of its strategy, CI will extend the CI Private Wealth
brand, which was recently introduced in Canada to represent its
high-net-worth and ultra-high-net-worth advisory businesses, to the
United States in the months ahead.
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$216 billion (US$166 billion)
in client assets as at November 30, 2020. 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 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 Balasa
Dinverno Foltz LLC, Bowling Portfolio Management LLC, The Cabana
Group, LLC, Congress Wealth Management, LLC, Doyle Wealth
Management, LLC, One Capital Management, LLC, The Roosevelt
Investment Group, LLC, RGT Wealth Advisors, 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.
*Based on asset levels as at November 30, 2020.
Participation in Barron’s Top 100 RIA Firms ranking is by
invitation only and limited to firms that meet the minimum
eligibility requirements. As with all Barron’s rankings, the
proprietary evaluation formula is not disclosed. Some general
guidance on evaluation methodology: Participating firms were
evaluated and ranked on a wide range of quantitative and
qualitative data, including: assets overseen by the firm, revenue
generated by the firm, level of technology spending, number of
clients, size of staff, diversity across staff, and placement of a
succession plan. The ranking is not indicative of the firm’s past
or future performance. Neither RGT nor its executives pay a fee to
Barron’s in exchange for the ranking. Barron’s is a registered
trademark of Dow Jones & Company, L.P.
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 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.
CI Global Asset Management is a registered business name of CI
Investments Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20210104005741/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Corporate 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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