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.”
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