CI Financial Corp. (NYSE: CIXX, TSX: CIX), a dual-listed investment and wealth management company, has agreed to purchase Corient Capital Partners LLC, a Newport Beach-based wealth management firm that oversees $5 billion on behalf of ultra-high-net-worth individuals and families across the United States.
Founded in 2015, Corient is home to 24 full-time employees, who work primarily with entrepreneurs, executives, athletes, families and charitable foundations. According to the company, the firm “combines a holistic advisory model with an alternative investments platform designed to meet client needs in all areas of wealth and investment management.”
The transaction was supported by Merchant Investment Management LLC, which has been an equity investor in Corient since 2020.
This transaction is expected to increase assets in CI Financial’s U.S. wealth management segment to approximately $125 billion. With the completion of other outstanding transactions, its total assets under management and advisement globally are expected to reach approximately $311 billion.
The transaction is expected to close in the second quarter of 2022. Financial terms were not disclosed.
CI Financial Corp. is a global wealth and asset management company that managed and advised on approximately $304 billion in client assets as of December 31, 2021. The company is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX.