CI Financial Completes Six Acquisitions, Increases U.S. Assets to $115 Billion
CI Financial Corp. (NYSE: CIXX, TSX: CIX), a dual-listed investment and wealth management company, has completed the acquisitions of four registered investment advisor firms.
CI Financial Corp. (NYSE: CIXX, TSX: CIX), a dual-listed investment and wealth management company, has completed the acquisitions of four registered investment advisor firms, adding approximately $24 billion in assets to its U.S. CI Private Wealth business.
The acquired RIAs are Columbia Pacific Wealth Management of Seattle, Gofen & Glossberg LLC of Chicago, RegentAtlantic Capital LLC of Morristown, New Jersey, and R.H. Bluestein & Co. of Birmingham, Michigan.
The firm also completed the acquisition of minority stakes in alternative investment firms Columbia Pacific Advisors LLC of Seattle and GLAS Funds LLC of Cleveland. The six transactions all closed by December 31, 2021.
“These transactions add leading RIA firms with deep expertise and extensive experience in serving the distinct needs of high-net-worth and ultra-high-net-worth clients to CI Private Wealth and advance its goal of becoming the leading private wealth firm in the United States,” the company said in a statement. “CI also gains new capabilities in alternative investments, an area of growing interest to higher-net-worth investors.”
R.H. Bluestein, founded in 1990, oversees approximately $4.1 billion in assets and specializes in serving high-net-worth and ultra-high-net-worth individuals, trusts and multi-generational families.
Columbia Pacific Wealth Management provides comprehensive wealth management services, including retirement, estate, tax and cash flow planning, risk management, and investment management to high-net-worth and ultra-high-net-worth individuals and families. It manages approximately $6.4 billion in assets.
Gofen has approximately $7.5 billion in assets under management and has provided investment services and wealth planning to clients since 1932.
RegentAtlantic, founded in 1982, provides a range of wealth planning services, including financial planning and investment management and has approximately $6.0 billion in assets under management.
Columbia Pacific Advisors manages approximately $3.5 billion in assets across real estate, private equity, direct lending, opportunistic and hedged strategies. GLASfunds is a tech-enabled platform providing investors with digital access to alternative investments and asset management oversight. It has approximately $1.1 billion in combined assets under management and assets under contract.
During 2021, CI Financial added 15 RIAs to CI Private Wealth, which now consists of 23 RIAs in metropolitan areas across the country. It also grew U.S. assets from $23 billion to approximately $115 billion, making its U.S. business its largest line of business by assets.
CI Financial managed and advised on approximately $264.6 billion in client assets as of November 30, 2021.
