CI Financial to Buy $23 Billion RIA/Asset Manager in Largest U.S. Deal to Date
CI Financial Corp. (TSX: CIX; NYSE: CIXX), a dual-listed investment and wealth management company based in Canada, has agreed to purchase Segall Bryant & Hamill LLC.
CI Financial Corp. (TSX: CIX; NYSE: CIXX), a dual-listed investment and wealth management company based in Canada, has agreed to purchase Segall Bryant & Hamill LLC, a Chicago-based focused registered investment advisor and multi-office institutional investment management firm with $23.1 billion in assets on its platform and 122 employees.
On a stand-alone basis, CI Financial said that Segall Bryant & Hamill’s $6 billion wealth management platform is its largest U.S. acquisition to date by asset size. Once the deal is completed, CI Financial’s total U.S.-based assets is expected to double to $46.1 billion.
Segall Bryant & Hamill was founded in 1994 and serves an array of wealth management, intermediary and institutional clients from offices in Chicago, Denver, Philadelphia, St. Louis and Naples, Florida.
“Acquiring Segall Bryant & Hamill is a major step forward as we continue our U.S. expansion,” said Kurt MacAlpine, CI Financial’s chief executive officer. “SBH has built an incredible business and formed a committed team that embodies the characteristics we look for in our acquisitions…I am pleased to announce that the SBH team will remain intact and be a key driver of CI’s growth in the U.S.”
The transaction will mark CI Financial’s 14th U.S. acquisition (including acquisitions by CI-affiliated RIAs) since January 2020. Once complete, CI’s total North American wealth management assets are expected to be approximately $82 billion and total assets are expected to reach approximately $205 billion.
This transaction is expected to close in the second quarter of 2021. Financial terms were not disclosed.
CI Financial’s U.S. wealth management businesses consist of Balasa Dinverno Foltz LLC, Bowling Portfolio Management LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, Doyle Wealth Management, LLC, One Capital Management, LLC, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, Stavis & Cohen Private Wealth, LLC and Surevest LLC.
