CI Financial Corp. (CIX, CIXX) has announced a significant step in its expansion within the U.S. wealth management sector through the acquisition of Corient Capital Partners, a Newport Beach, California-based wealth management firm. This strategic move, unveiled on February 22, 2022, adds approximately US$5.0 billion in assets under management, catering to ultra-high-net-worth individuals and families across the nation.
Founded in 2015, Corient Capital Partners has quickly established itself as a premier wealth management firm. Their success stems from a client-centric approach, delivering comprehensive wealth management services perfectly aligned with CI Private Wealth’s vision. Corient Capital Partners distinguishes itself by combining a holistic advisory model with a robust alternative investments platform, effectively addressing the diverse needs of its clientele in wealth and investment management. The firm’s team of 24 full-time professionals primarily serves entrepreneurs, executives, athletes, families, and charitable foundations, building deep and lasting relationships.
Image: The exterior of Corient Capital Partners’ Newport Beach office, reflecting their established presence in a key wealth management hub.
Kurt MacAlpine, CEO of CI Financial, highlighted the strategic importance of this acquisition. “Corient Capital Partners is an exceptional firm characterized by a top-tier, highly committed team. Their unwavering dedication to client success and the cultivation of strong client relationships have fueled remarkable growth, propelling them to $5 billion in assets in just seven years.”
MacAlpine further elaborated on the synergy between the two firms, stating, “The team’s extensive experience and proven track record in serving ultra-high-net-worth clients will significantly enhance CI Private Wealth’s capabilities and presence in this crucial market segment. Corient Capital Partners‘ strategic location in the Los Angeles region, a powerhouse of the U.S. economy, provides a robust platform for sustained expansion.”
Darren Henderson, Partner at Corient Capital Partners, expressed enthusiasm about the partnership: “We are thrilled to become part of CI Private Wealth and collaborate with some of the most respected firms in the industry. CI Private Wealth’s partnership model empowers us to further enrich our client service offerings. As partners, we are eager to actively contribute to the evolution of a leading national private wealth firm.”
Image: Darren Henderson, Partner at Corient Capital Partners, emphasizing the firm’s commitment to client service and partnership within CI Private Wealth.
Merchant Investment Management, LLC, an equity investor in Corient Capital Partners since 2020, played a key role in supporting this transaction. Chris Copps, Partner at Corient Capital Partners, acknowledged Merchant’s contribution: “We extend our gratitude to the Merchant team for their invaluable partnership. It has been a rewarding experience working with them, and we appreciate their trust in our firm.”
This acquisition is projected to elevate CI’s U.S. Wealth Management segment assets to approximately US$125 billion (C$158 billion). Factoring in other pending transactions, CI’s global assets under management and advisement are anticipated to reach approximately US$311 billion (C$393 billion).
The transaction is expected to be finalized in the second quarter of 2022, pending regulatory approvals and standard closing conditions. Ernst & Young Capital Advisors, LLC acted as financial advisors to Corient Capital Partners, with legal counsel provided by Alston & Bird. Hogan Lovells US LLP served as CI’s legal advisor. The financial details of the transaction remain undisclosed.
These financial figures are based on data as of December 31, 2021.
About Merchant Investment Management
Merchant Investment Management is a private partnership focused on empowering independent financial services companies, particularly in wealth and asset management, through growth capital, management expertise, and strategic opportunities. For more details, please visit www.merchantim.com.
About CI Financial
CI Financial Corp. is a globally recognized integrated wealth and asset management company. As of December 31, 2021, CI managed and advised on approximately C$384.1 billion (US$304.0 billion) in client assets. CI’s asset management operations include CI Global Asset Management and GSFM Pty Ltd. In Canadian wealth management, CI operates through CI Assante Wealth Management, CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing, and CI Investment Services Inc.
CI’s expanding U.S. wealth management division includes a diverse portfolio of firms such as Barrett Asset Management, LLC, Balasa Dinverno Foltz LLC, and now Corient Capital Partners, among others. This acquisition further solidifies CI’s position in the competitive U.S. wealth management landscape.
CI is publicly listed on the Toronto Stock Exchange under the symbol CIX and on the New York Stock Exchange under the symbol CIXX. For additional information, please visit www.cifinancial.com.
Forward-Looking Statements:
This release includes forward-looking statements regarding future events, financial results, and business expectations related to CI Financial Corp. These statements are identified by terms like “believe,” “expect,” “anticipate,” and similar expressions. While based on reasonable assumptions, these statements involve risks and uncertainties, including economic conditions, market fluctuations, regulatory changes, and industry competition. Actual results may differ materially. CI does not undertake to update forward-looking statements.
Contacts
Investor Relations
Jason Weyeneth, CFA
Vice-President, Investor Relations & Strategy
416-681-8779
[email protected]
Media Relations
Canada
Murray Oxby
Vice-President, Communications
416-681-3254
[email protected]
United States
Trevor Davis, Gregory FCA for CI Financial
610-415-1145
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