It's proving to be a busy September for Corient so far, as the acquisitive Canadian-based wealth firm has expanded its footprint in the Northeastern US yet again with its third deal announcement in as many weeks.
Corient announced it has acquired Northeast Financial Consultants, a Connecticut-based multi-family office with $4.5 billion in assets under management.
The deal announced Monday marks its first location in the state and furthers its expansion across New England.
Founded in 1983, Northeast Financial Consultants has built its reputation on a disciplined, client-centric approach, offering investment management, alternative investments, retirement planning, estate planning, and insurance analysis. The firm, which started as a financial planning and tax advisory business, now serves ultra-high-net-worth families with a focus on reducing tax liabilities and maximizing wealth transfer.
Elwood Davis, founder and president of Northeast Financial Consultants, said the partnership with Corient will allow the firm to “continue serving our clients with the same integrity and focus, while benefiting from expanded capabilities and a deep bench of talent.” Davis added that joining Corient will help the firm “do even more for our clients.”
Corient, which operates as a fiduciary, fee-only wealth management firm, has grown rapidly since its founding in 2020. Its private partnership model is designed to give clients access to the firm’s collective expertise, rather than relying solely on individual advisors.
The firm, whose parent company CI Financial is based in Canada, now counts more than 260 partners and over 1,300 employees, managing about $216 billion for ultra-high and high-net-worth clients across the United States as of July 31.
It was November last year when CI disclosed its agreement to be taken private by Mubadala Capital. That deal, which was officially completed just last month, valued CI at approximately $8.7 billion.
Kurt MacAlpine, partner and chief executive officer of Corient – who also serves as the CEO of CI Financial – said in the announcement that Northeast Financial’s “client-first philosophy and deep expertise align with our vision to reset the standard for what a modern multi-family office can deliver.”
Earlier this month, the firm announced it had snapped up Breed’s Hill Capital, a Boston-based multi-family office with $3.5 billion in assets under management. That deal further strengthened Corient’s presence in New England and added to its roster of ultra-high-net-worth clients.
Before that, it declared plans for global expansion through a combination with Stonehage Fleming and Stanhope Capital Group. That cross-Atlantic move is set to bring its total client assets to $430 billion while establishing a presence in Europe, the Middle East, and Africa.
"Under our international partnership, which will consist of more than 300 firm owners aligned under one vision, we’re building a new type of wealth management firm, one that is global, collaborative and evolving to meet the dynamic needs of sophisticated clients," MacAlpine said at the time.
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