In a year-end rush to wrap up deals before any potential new taxes kick in, serial acquirer CI Financial announced a twofer Wednesday morning involving advisory firms that combine for more than $10 billion in client assets under management.
The Toronto-based aggregator, which has been on a record-level buying spree since entering the U.S. market just two years ago, is buying Columbia Pacific Wealth Management, a $6.4 billion registered investment adviser with offices in Seattle and San Francisco.
Additionally, CI Financial will acquire a minority ownership stake in Columbia Pacific Advisors, an alternative asset management firm that manages $3.5 billion across real estate, private equity, direct lending and other hedging strategies.
The deals represent CI’s 29th and 30th acquisitions of U.S. firms, respectively, and will push CI’s U.S. footprint to $115 billion in assets.
Alex Washburn, co-founder and managing partner of CPWM and CPA, said, the partnership with CI will “broaden the resources and support available to Columbia Pacific as we continue to enhance the universe of investment opportunities for the families we advise.”
“CI has earned a reputation for investing in best-in-class teams, and we are thrilled to partner with them as they make a permanent investment in our companies,” he added.
At $6.4 billion, CPWM will represent CI's third largest transaction behind Segall Bryant & Hamill, a $23 billion RIA acquired earlier this year, and Gofen & Glossberg, a $7.5 billion deal announced last month.
The latest deal bumps last week’s announced acquisition of $6 billion RegentAtlantic down to the fourth slot in terms of deal size.
Meanwhile, Raymond James bolstered its employee advisor arm with an industry veteran who previously oversaw $750 million at Stifel.
Staffing shortfalls, new policies, and increased demand for clarity create potential speed bumps for tax planning and compliance.
Osaic's expanded partnership with the Arizona-based firm advances its broader strategy to offer succession-focused planning solutions to retiring advisors.
Focus is reportedly on a three year period from 2021-2024.
But economists say inflation impact may come in lower than expected.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
