CI Financial Corp., an investment and wealth management company based in Canada, has applied to list its common shares on the New York Stock Exchange.
CI Financial is building its U.S. wealth management presence through the acquisition of businesses in the U.S. registered investment advisor sector. Since entering the U.S. market in February 2020, the company has acquired $13 billion in assets through 10 acquisitions (seven direct purchases and three indirect transactions made by the affiliated RIAs) as at November 5, 2020. CI Financial indicated that it is seeking further acquisitions to grow this business.
“The timing for this listing makes sense, given the rapid growth in our U.S. wealth management business,” said Kurt MacAlpine, chief executive officer of CI Financial. “As we continue to execute on our strategic priority to globalize our company, listing CI’s common shares on the NYSE will broaden our investor base and increase our corporate profile in the U.S. market.
“It will also support the continued acquisition of U.S. wealth management firms by allowing us to offer CI Financial stock as part of the purchase price, an attractive option for many sellers,” MacAlpine added.
In connection with the intended listing on the NYSE, the company has filed a registration statement with the United States Securities and Exchange Commission. Any listing will be subject to the SEC declaring the registration statement effective and other regulatory requirements.
CI’s RIA holdings include agreements to purchase Bowling Portfolio Management LLC of Cincinnati and Stavis & Cohen Financial LLC of Houston. It also has ownership interests in:
- Balasa Dinverno Foltz LLC of Itasca, Illinois
- The Cabana Group, LLC of Fayetteville, Arkansas
- Congress Wealth Management LLC of Boston, Massachusetts
- One Capital Management LLC, of Westlake Village, California
- Surevest LLC of Phoenix, Arizona
CI Financial Corp. (TSX: CIX) is an independent company offering global asset management and wealth management advisory services with approximately $202 billion in assets as at October 31, 2020.