Shares of Toronto-based RIA consolidator CI Financial (CIXX) began trading on the New York Stock Exchange, capping the next stage of growth in the U.S. market for the $63 billion company.
CI has been a public company listed on the Toronto Stock Exchange since 1995 under the ticker CIX, but Chief Executive Kurt MacAlpine said the NYSE listing will provide the company with another way to pay for U.S. registered investment advisers, of which CI has acquired 11 since February, making it the most prolific RIA buyer this year.
All of CI’s transactions have been cash deals to date, but MacAlpine said some of the pending transactions and transactions going forward are likely to include a mix of cash and NYSE-listed stock.
“The timing for this listing makes sense, given the rapid growth in our U.S. wealth management business,” MacAlpine said.
With over 600 clients, the $71 billion RIA acquirer's latest partner marks its second transaction in Oklahoma.
Also, wealth.com enters Commonwealth's tech stack, while Tifin@work deepens an expanded partnership.
Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.
The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.
The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
