CI Private Wealth US, a unit of CI Financial Corp., has applied for a charter to establish a trust company in South Dakota.
Toronto-based CI Financial, which has been buying up U.S.-based registered investment advisers at a rapid clip for the last two years, will have about $134 billion in assets once all outstanding deals are completed. Having a trust company will allow it to provide trust solutions to its clients.
“Trusts are a critical part of meeting the complex wealth management and estate planning needs of ultra-high-net-worth and high-net-worth clients,” CI Financial CEO Kurt MacAlpine said in a statement.
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It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
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