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.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
