CI Financial adds $615 million Matrix Capital Advisors

Serial acquirer CI Financial Corp. on Wednesday morning announced plans to buy Matrix Capital Advisors, a Chicago-based registered investment adviser with $615 million in client assets.

Toronto-based CI Financial, which has already announced more than two dozen deals since entering the U.S. wealth management space two years ago, has grown to more than $95 billion worth of U.S. RIA assets. CI’s total assets globally are anticipated to reach $271 billion when all current pending deals close.

Matrix, which has been serving high-net-worth clients for more than 20 years, will become part of the private wealth division of CI Financial.

“We are excited to welcome another exceptional firm in Matrix Capital Advisors to CI Private Wealth,” said CI chief executive officer Kurt MacAlpine, in a prepared statement. “As part of CI Private Wealth, the Matrix team will continue to comprehensively serve their clients while taking advantage of the additional resources that CI can provide as a global firm.”

CI opened a U.S headquarters in Miami in September. A publicly traded company listed on the Toronto Stock Exchange, CI dually listed its shares on the New York Stock Exchange in November 2020 under the ticker CIXX to help facilitate U.S. transactions.

CI also announced today that it has completed the previously announced acquisition of McCutchen Group, a $3.4 billion Seattle-based RIA.