CI Financial to Buy $6 Billion RIA
CI Financial Corp. (TSX: CIX; NYSE: CIXX), a dual-listed investment and wealth management company based in Canada, has agreed to purchase RegentAtlantic Capital LLC.
CI Financial Corp. (TSX: CIX; NYSE: CIXX), a dual-listed investment and wealth management company based in Canada, has agreed to purchase RegentAtlantic Capital LLC, a registered investment advisor with $6 billion in assets under management.
Founded in 1982, RegentAtlantic serves high-net-worth individuals and families and institutions on the East Coast and across the United States from its offices in Morristown, New Jersey and New York City. The firm offers a range of wealth planning services, including financial planning and investment management.
RegentAtlantic will be CI Financial’s third RIA affiliate with an office in New York City.
“RegentAtlantic’s success stems from a disciplined wealth management process focused on the distinct needs of high-net-worth clients, an approach that has created deep client loyalty and contributed to the firm’s strong growth,” said Kurt MacAlpine, chief executive officer of CI Financial.
As part of the transaction, all partners in RegentAtlantic will become equity partners in CI Private Wealth, the private partnership that will hold CI Financial’s U.S. wealth management business.
As part of the transaction, Fiduciary Network LLC, which first invested in RegentAtlantic in 2007, exchanged convertible indebtedness of Regent into non-convertible, unsecured, fixed-interest debt of CI Financial with a term of three years.
The transaction will push CI Financial’s U.S. assets past the $100 billion mark for the first time since it entered the U.S. wealth management sector in January 2020. Following the completion of all announced transactions, its U.S. assets are expected to reach approximately $105 billion, while its total assets globally are anticipated to reach $291 billion.
The transaction is expected to close later this month.
CI Financial Corp. is an independent company offering global asset management and wealth management advisory services.
