CI Financial Buys $615 Million Chicago-Based RIA
CI Private Wealth, a division of CI Financial Corp. (TSX: CIX, NYSE: CIXX), has purchased Matrix Capital Advisors, LLC, a Chicago-based registered investment advisor that oversees $615 million in assets.
CI Private Wealth, a division of CI Financial Corp. (TSX: CIX, NYSE: CIXX), has purchased Matrix Capital Advisors, LLC, a Chicago-based registered investment advisor that oversees $615 million in assets.
Matrix, which has served high-net-worth clients for more than 20 years, is led by managing directors Christopher Burke and Michael Wik.
“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 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.”
CI also announced that it has completed the previously announced acquisition of registered investment advisor McCutchen Group LLC of Seattle. McCutchen, which manages $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 $4.0 billion in assets to CI’s U.S. wealth management business, bringing the total to approximately $86.6 billion.
When all outstanding transactions are completed, CI’s U.S. wealth management assets are expected to be approximately $98.2 billion, with total assets globally reaching approximately $283.4 billion.
CI Financial Corp. is an independent company offering global asset management and wealth management advisory services. The company is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX.
