Big Canadian buyer of US RIAs applies to list on NYSE

Big Canadian buyer of US RIAs applies to list on NYSE
CI Financial has acquired 10 U.S. registered investment advisers since February, and plans to buy more
NOV 05, 2020

Toronto-based CI Financial, which has quickly emerged as a serial acquirer of U.S. advisory firms, has applied for a listing on the New York Stock Exchange.

One of Canada’s largest wealth management companies with more than $59 billion under management, including $13 billion through U.S. registered investment advisers, CI has been open about its plans for U.S. expansion.

The announced acquisition Tuesday of Stavis & Cohen, a $570 million Houston-based firm, marked CI’s 10th U.S. RIA deal since entering the U.S. market in February.

“The timing for this listing makes sense, given the rapid growth in our U.S. wealth management business,” Chief Executive Kurt MacAlpine said in a prepared statement.

“As we continue to execute on our strategic priority to globalize our company, listing CI’s common shares on the NYSE will broaden our investor base and increase our corporate profile in the U.S. market,” MacAlpine continued. “It will also support the continued acquisition of U.S. wealth management firms by allowing us to offer CI Financial stock as part of the purchase price, an attractive option for many sellers.”

Latest News

Five-person Raymond James team jumps to Janney in Maryland
Five-person Raymond James team jumps to Janney in Maryland

The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.

$20B Merit looks to next phase as Constellation takes minority stake
$20B Merit looks to next phase as Constellation takes minority stake

The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.

$350M father-son duo hops from Osaic to Equitable Advisors
$350M father-son duo hops from Osaic to Equitable Advisors

The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”

Fresh off HPS acquisition, BlackRock inks deal for $7.3B ElmTree Funds
Fresh off HPS acquisition, BlackRock inks deal for $7.3B ElmTree Funds

The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.