CI Financial Corp. (TSX: CIX; NYSE: CIXX), a dual-listed investment and wealth management company based in Canada, announced plans to purchase Portola Partners Group LLC, a Silicon Valley wealth management firm with $5.2 billion in assets under management. With this transaction, CI expands its presence into the San Francisco Bay Area.
Portola Partners provides comprehensive investment and wealth planning to high-net-worth families, many of which live in the San Francisco Bay area and include technology company founders, executives and venture capitalists.
“Portola’s expertise and client focus have earned them the loyalty and trust of some the country’s most successful wealth creators, and we are thrilled to have the team join CI,” said Kurt MacAlpine, chief executive officer. “Portola has developed wide-ranging capabilities to address the multifaceted needs of ultra-high-net-worth families, from intellectually rigorous, endowment-style investment management to complex tax planning to a wide range of family office services.”
Following the completion of this and other outstanding acquisitions, the firm’s U.S. wealth management assets are expected to reach approximately $82 billion, with CI’s total assets globally reaching approximately $263 billion. As of August 31, 2021, CI Financial managed and advised on approximately $253.9 billion in client assets.