Toronto-based CI Financial continues to solidify its position as the most aggressive buyer of U.S.-based registered investment advisers with the acquisition of New York-based Barrett Asset Management.
Barrett, which manages $2.5 billion worth of client assets, is CI’s second transaction of 2021 and its 15th deal since entering the U.S. market in January 2020.
CEO Kurt MacAlpine said the Barrett deal “exemplifies our mission to expand wealth management and globalize the company by teaming with strong U.S. wealth management businesses and committed management teams.”
Barrett has a history dating back to 1937 of working with families, trusts and charitable organizations. “We place immense value on their team approach to client service and focus on multi-generational planning, and CI’s backing will allow them to continue to enhance their multi-family office services and capabilities,” MacAlpine added.
Barrett CEO Peter Shriver cited “continuity for our clients” among the reasons for selling to CI.
“Our clients’ goals and needs were at the forefront of our decision to align with CI,” he said. “Partnering with CI provides continuity for our clients and our firm as we develop our next generation of leaders. It will enable us to continue providing the incredible level of service we are known for, while gaining resources and capabilities that will benefit our clients and drive their success.”
In January, CI announced its largest deal so far with the acquisition of Segall Bryant & Hamill, a Chicago-based RIA with more than $23 billion in assets under management and advisement.
Once the Barrett transaction is completed, CI is expected to have approximately $50 billion in U.S. assets and total assets of $212 billion. Barrett represents CI’s second RIA in New York and expands CI’s scale in the world’s largest financial center to more than $5.5 billion.
As part of its push into the U.S. market, in November CI listed its stock on the New York Stock Exchange to help facilitate acquisitions of RIAs.
CI has been a public company listed on the Toronto Stock Exchange since 1995 under the ticker CIX, but MacAlpine said the NYSE listing (CIXX) will provide the company with another means of paying for RIAs.
New Morgan Stanley research shows retirement planning is a key area where advice is required.
ASA reacts as regulator drops no-deny policy, freeing firms and individuals to publicly dispute allegations after reaching settlements.
Joel Frank allegedly sold more than $39 million worth of investments in the Equilus Funds to more than 90 investors,
The Charity Parity Act would eliminate a costly IRA rollover requirement that blocks direct charitable transfers from workplace retirement plans.
A last-minute court filing ends a case against the federal tax-collecting agency that had drawn unprecedented conflict-of-interest questions from Democratic critics.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
