CI’s U.S. assets to reach $50
billion
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified
global asset and wealth management company, today announced an
agreement to acquire Barrett Asset Management, LLC (“Barrett”), a
New York-based registered investment advisor (“RIA”) with wealth
and investment management capabilities catering primarily to
high-net-worth and ultra-high-net-worth individuals and
families.
Barrett brings US$2.5 billion1 in assets to CI’s fast-growing
U.S. wealth management footprint. Once the transaction is
completed, CI is expected to have approximately US$50 billion in
U.S. assets and total assets of US$212 billion2. Barrett represents
CI’s second RIA in New York and expands CI’s scale in the world’s
largest financial center to more than US$5.5 billion.
The acquisition exemplifies CI Chief Executive Officer Kurt
MacAlpine’s mission to expand wealth management and globalize the
company by teaming with strong U.S. wealth management businesses
with committed management teams, aligned cultures and a shared
vision for the future of the industry.
“We look forward to working with the dedicated and experienced
Barrett team and helping them build on their success,” said Mr.
MacAlpine. “Since 1937, Barrett has been delivering superior
service to its clientele, which includes families, trusts and
charitable organizations. We place immense value on their team
approach to client service and focus on multi-generational
planning, and CI’s backing will allow them to continue to enhance
their multi-family office services and capabilities.”
Barrett offers an array of high-touch services tailored to each
client, including wealth planning and investment management. The
firm’s portfolio management expertise includes the management of
two in-house mutual funds. Barrett has received notable industry
recognition from respected outlets such as Bloomberg, Investment
News and Financial Times for their advisory services.
“Our firm has always been guided by the principle that the
client comes first,” said Peter Shriver, CFA, Chief Executive
Officer of Barrett. “Our clients’ goals and needs were at the
forefront of our decision to align with CI. Partnering with CI
provides continuity for our clients and our firm as we develop our
next generation of leaders. It will enable us to continue providing
the incredible level of service we are known for, while gaining
resources and capabilities that will benefit our clients and drive
their success.”
Since entering the U.S. market in January 2020, CI has become
one of the industry’s fastest-growing RIA platforms, with 15
acquisitions (including transactions by affiliated RIAs). Following
the completion of all outstanding transactions, CI’s total North
American wealth management assets are expected to be approximately
US$105 billion (C$133 billion) and total assets are expected to
reach US$212 billion (C$270 billion).2
Cambridge International Partners LLC served as the exclusive
financial advisor to Barrett. This transaction is expected to close
in the second quarter of 2021, subject to regulatory, and other
customary closing conditions.
About Barrett Asset Management
Since 1937, Barrett Asset Management, LLC has been putting its
clients first, working to help each of them achieve their goals and
aspirations. Barrett is an independent investment management firm
focused on the growth and preservation of wealth for individuals,
families, trusts and nonprofit institutions. The firm tailors each
investment portfolio based on a client’s objectives for income and
growth through suitable asset allocation and individual investment
selections. Barrett is a New York-based firm with more than $2.5
billion under management as of February 28, 2021. To learn more
about Barrett, please visit http://www.barrettasset.com.
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$236.5 billion (US$185.7
billion) in client assets as at February 28, 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 BDF 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.
1 As at February 28, 2021. 2 Projections based on asset levels
as at February 28, 2021 and assume the completion of transactions
with Barrett and Segall Bryant & Hamill, LLC (“SBH”) of
Chicago.
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 Barrett
and SBH will be completed and their 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/20210311005611/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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