CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified
global asset and wealth management company, and New York Private
Bank & Trust, parent company of Emigrant Bank (“Emigrant”),
today announced an agreement under which specialized services for
ultra-high-net-worth investors provided by Emigrant’s subsidiaries
will be offered to CI’s U.S. wealth management businesses.
Services include Delaware trust administration services,
personal property and casualty insurance services specifically
designed for high-net-worth individuals and families, and financing
and advisory services for fine art and other collectible “passion”
assets.
“We are pleased to work with Emigrant to access these unique
solutions on behalf of our clients across the United States,” said
Kurt MacAlpine, CI Chief Executive Officer. “Emigrant’s extensive
experience in finance and wealth management gives them a clear
understanding of the complex needs of high-net-worth and
ultra-high-net-worth clients, and the Emigrant group has assembled
highly qualified, expert teams to deliver exceptional service and
support to clients.”
“Both Emigrant and CI appreciate the value of advice and the
importance of supporting advisors in providing the clients with the
best possible personalized solutions in investment, wealth and
estate planning and risk management,” said Karl H. Heckenberg, Vice
Chairman of Emigrant. “We’re thrilled to expand the market for our
differentiated services for ultra-high-net-worth investors through
this relationship.”
Starting in 2020, CI has established a significant presence in
U.S. wealth management, reaching a total of US$23 billion in assets
through 13 registered investment advisor (“RIA”) acquisitions
(including transactions by CI-affiliated RIAs). CI also recently
announced an agreement to acquire Segall Bryant & Hamill, LLC,
a Chicago-based RIA and asset management firm, in a transaction
that is expected to increase CI’s U.S. assets to US$46
billion.*
About Emigrant Bank
Emigrant Bank was founded in 1850 to serve the financial needs
of a growing America and a dynamic emigrant population. Emigrant
Bank is the largest privately held, family-owned and operated bank
in America, offering fully integrated banking, custom lending,
insurance services and trust administration services to meet the
needs of wealthy individuals, families, endowments, foundations and
corporations, directly and through its various subsidiaries,
including Emigrant Capital, New York Private Trust, Emigrant Fine
Art Finance, Personal Risk Management, Abacus Finance, Galatioto
Sports Partners, New York Private Finance and Emigrant
Partners.
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$232 billion (US$181 billion)
in client assets as at January 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 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. For more information, please
visit www.cifinancial.com.
* Assets as at January 31, 2021; projections based on January
31, 2021 asset levels.
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 acquisition of SBH will
be completed and its asset levels will remain stable, 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/20210226005527/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations United States Hope Sander, Gregory
FCA for CI Financial 610-608-4881 cifinancial@gregoryfca.com
Canada Murray Oxby Vice-President, Corporate Communications
416-681-3254 moxby@ci.com
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