CI Financial completes acquisition of WealthBar CIX does deals but not much response from share price.
TORONTO, Jan. 23, 2019 /CNW/ - CI Financial Corp. ("CI") (TSX:CIX.TO - News) announced today that it has completed its acquisition of a majority stake in WealthBar Financial Services Inc. ("WealthBar"), a leading Canadian online wealth management and financial planning platform.
"We welcome WealthBar to the CI Financial group and are looking forward to a very productive partnership," said Peter W. Anderson, CI's Chief Executive Officer. "CI's scale and resources will support the continued rapid growth of the WealthBar business, while WealthBar's experience and industry-leading online tools and services will fuel the development of our own comprehensive digital strategy and continued innovation across the CI group of companies."
WealthBar will continue to operate as a stand-alone business under its current leadership of Co-Founder and Chief Executive Officer Tea Nicola, Co-Founder and Chief Technology Officer Chris Nicola, and Chief Investment Officer and Chief Compliance Officer Neville Joanes, all of whom are retaining an ownership interest in the firm. The acquisition was first announced on December 14, 2018. Terms were not disclosed.
About WealthBar Financial Services Inc.
WealthBar is a leading Canadian online wealth management and financial planning platform offering premium online investing portfolios and low-fee ETFs, along with unlimited commission-free advice. Founded by Tea and Chris Nicola in 2014, WealthBar offers a diverse service and product offering that combines technology with human advisors for a personalized experience. This "hybrid model" provides the opportunity for engagement between clients and advisors depending on the wealth planning services required. Further information is available at www.wealthbar.com.