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.
The financial advice industry has been facing inquiries into its cash sweep programs for years now.
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