CI Financial closes acquisitions of three U.S. advisers Since 2020, CI has become one of the fastest-growing U.S. RIA platforms, with 16 acquisitions in 15 months (including acquisitions by affiliated RIAs).
CI FINANCIAL COMPLETES THREE PREVIOUSLY ANNOUNCED ACQUISITIONS, BOOSTING TOTAL ASSETS TO A RECORD $280 BILLION
CI Financial Corp. has completed the acquisition of three U.S. registered investment adviser (RIA) firms, adding approximately $31-billion (U.S.) in assets to its rapidly growing U.S. business.
The acquisitions completed today were previously announced during the first quarter of 2021 and include Segall Bryant & Hamill, LLC (SBH) of Chicago, Barrett Asset Management, LLC of New York, and Brightworth, LLC of Atlanta.
"As we execute on our vision to create the leading private wealth platform in the United States, I am extremely pleased with our pace of growth and the high quality of the firms in our group," said Kurt MacAlpine, chief executive officer of CI Financial. "What we have achieved is a national network of best-in-class RIAs backed by CI's resources and deep experience in wealth planning."
The acquisitions completed today will increase CI's U.S. assets to approximately $70-billion ($56-billion (U.S.)) and CI's total combined assets under management and wealth management assets to approximately $280-billion ($223-billion (U.S.)). (All asset amounts are as at March 31, 2021.) CI's total assets have grown by more than $100-billion since it embarked on a new strategic direction in November, 2019, guided by the strategic priorities of modernizing its asset management, expanding its wealth management and globalizing the company.
SBH, which has $23.6-billion (U.S.) in total assets, provides wealth management services and institutional investment management services to a broad array of clients from offices in Chicago, Denver, Philadelphia, St. Louis and Naples, Fla. SBH is led by Philip Hildebrandt, the firm's chief executive officer.
Barrett, which has a lengthy history of success dating back to 1937, has approximately $2.6-billion (U.S.) in assets and delivers high-touch wealth management services to families, trusts and charitable organizations. Barrett also offers two in-house mutual funds. The firm is led by chief executive officer Peter Shriver.
Brightworth, which marks CI's first presence in Georgia, is an RIA that caters to high-net-worth families and individuals and has approximately $4.8-billion (U.S.) in assets. Brightworth also has an office in Charlotte, N.C. Brightworth chief executive officer Ray Padron will continue to lead the firm.