CI Private Wealth, a division of CI Financial Corp. (“CI”) (TSX:
CIX, NYSE: CIXX), today announced it has acquired Matrix Capital
Advisors, LLC (“Matrix”), a Chicago-based registered investment
advisor.
Matrix has been serving high-net-worth clients for more than 20
years and oversees US$615 million in assets. Matrix features a
close-knit team of seasoned professionals led by Managing Directors
Christopher Burke and Michael Wik. The personal relationships that
Matrix forges with each client are a key aspect of the firm’s
success, and its client-centric philosophy perfectly aligns with
CI’s vision for its CI Private Wealth brand.
“We are excited to welcome another exceptional firm in Matrix
Capital Advisors to CI Private Wealth,” said Kurt MacAlpine, CI
Chief Executive Officer. “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 customized 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.”
“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,” said Mr. Burke. “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.”
Cambridge International Partners LLC served as advisors to
Matrix. CI was advised by Hogan Lovells US LLP. Financial terms
were not disclosed.
CI also announced today that it has completed the previously
announced acquisition of registered investment advisor McCutchen
Group LLC (“McCutchen”) of Seattle. McCutchen, which manages US$3.4
billion in assets, provides comprehensive financial advisory
services ranging from investment management to tax, charitable and
estate planning, as well as family office services, to
high-net-worth and ultra-high-net-worth clients in the Pacific
Northwest and across the U.S. McCutchen is led by Matt McCutchen,
the firm’s Founder and Chief Executive Officer.
These transactions add approximately US$4.0 billion in assets to
CI’s U.S. wealth management business, bringing the total to
approximately US$86.6 billion (C$107.3 billion). When all
outstanding transactions are completed, CI’s U.S. wealth management
assets are expected to be approximately US$98.2 billion (C$121.7
billion), with total assets globally reaching approximately
US$283.4 billion (C$351.1 billion).
Asset amounts are as at October 31, 2021.
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$331.8 billion (US$267.8
billion) in client assets as at October 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, BDF LLC, Budros, Ruhlin & Roe, Inc., Bowling
Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC,
Congress Wealth Management, LLC, Dowling & Yahnke, LLC, Doyle
Wealth Management, LLC, Matrix Capital Advisors, LLC, McCutchen
Group LLC, One Capital Management, LLC, Portola Partners Group LLC,
Radnor Financial Advisors, LLC, The Roosevelt Investment Group,
LLC, RGT Wealth Advisors, LLC, 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 GLAS
Funds, LLC, Gofen and Glossberg, LLC, and R.H. Bluestein & Co.
will be completed and their asset levels will remain stable, 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/20211201005532/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations United States Trevor Davis, Gregory FCA
for CI Financial 443-248-0359 cifinancial@gregoryfca.com
Canada Murray Oxby Vice-President, Corporate Communications
416-681-3254 moxby@ci.com
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