Acquisition 08:06 AM EST, 01/11/2022 (MT Newswires) -- CI Financial Corp (CIX.TO, CIXX) -- which lost more than 4% in regular US trade yesterday, and then regained more than 4% in after hours -- on Tuesday agreed to acquire Northwood Family Office Ltd to strengthen its wealth management business.
The acquisition will increase CI Financial's Canadian wealth management assets to about C$81 billion and total assets globally to C$377 billion, the company said. It didn't disclose financial terms of the deal.
Toronto-based Northwood is a multi-family office. It manages $2.2 billion of investment assets and $9 billion of family net worth on behalf of clients.
"With the addition of one of Canada's leading family offices, CI can now seamlessly serve the entire spectrum of wealth management, from beginning investors to the nation's wealthiest families," said Kurt MacAlpine, CI Financial's CEO.
CI Financial expects the transaction to close in the quarter ending June 30, subject to regulatory approval and other customary closing conditions.