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CI Financial Corp T.CIX

Alternate Symbol(s):  CIXXF

CI Financial Corp. is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. The Company is engaged in the management and distribution of a range of financial products and services, including wealth management, insurance, and others. The Company operates through three segments: Asset Management, Canadian Wealth Management, and U.S. Wealth Management. The Asset Management segment includes CI Global Asset Management, which operates in Canada, and GSFM Pty Ltd., which operates in Australia. The Canadian Wealth Management segment includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth, Northwood Family Office, CI Direct Investing and CI Investment Services. The U.S. Wealth Management segment includes Corient Private Wealth LLC, an integrated wealth management company providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States.


TSX:CIX - Post by User

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Post by kijijion Nov 26, 2019 5:06pm
141 Views
Post# 30395327

CIX building a significant and growing presence in USA

CIX building a significant and growing presence in USA
CIX announced today that it has acquired a majority stake in Surevest Wealth Management ("Surevest"), a Phoenix-based registered investment advisory firm.
 
The transaction is the first step in CI's initiative to build a significant and growing presence in the U.S. registered investment advisor ("RIA") market. This initiative supports two pillars of CI's three strategic priorities – expanding its wealth management platform and globalizing the firm. The third strategic priority, as announced on November 7, 2019, is to modernize its asset management business.
 
"The U.S. has the world's largest and most accessible wealth management market and RIAs are its fastest-growing segment," said Kurt MacAlpine, CI Chief Executive Officer. "As a well-capitalized company with extensive experience in wealth management and a unique value proposition relative to other firms, CI is in a strong position to acquire leading RIAs and foster their continued expansion."
 
As part of this initiative, CI has signed a letter of intent to acquire a second U.S.-based RIA firm and expects to announce the details of this transaction later this year.
 
"The role of financial advisors is more important today than ever before," said Mr. MacAlpine. "They continue to provide tremendous value to clients in an increasingly complex and challenging financial environment and it's that value which underlies the growth of RIAs. CI offers financial strength and wealth management expertise and we will be partnering with ambitious RIAs that are seeking to expand their businesses. Synergies with our existing wealth management business include the ability to offer clients a true cross-border wealth management solution."
 
Surevest provides a wide range of fee-only financial planning and investment management services through offices in Phoenix and Los Angeles. It specializes in servicing high-net-worth individuals through a concierge approach to wealth management. Surevest is led by industry veteran Robert Luna, who founded the firm in 2002. He holds an MBA from the Anderson School at the University of California Los Angeles (UCLA) and the Certified Investment Management Analyst and Accredited Investment Fiduciary® designations. In addition to serving as Chief Executive Officer and Chief Investment Strategist, Mr. Luna regularly appears on CNBC, Fox Business News and other media outlets to offer his insights on the markets and business trends.
 
"Robert Luna is a well-respected industry leader who has built an outstanding team of highly qualified and experienced financial professionals and we are very proud to welcome them to CI," Mr. MacAlpine said.
 
"I am thrilled to partner with CI as we grow our company," Mr. Luna said. "They share our commitment to the value of advice and our approach of providing clients with a personalized and comprehensive approach to wealth management."
 
CI's wealth management businesses, including Assante Wealth Management (Canada) Limited and CI Private Counsel LP, have posted exceptional growth, reaching C$48 billion in assets under advisement as of October 31, 2019.
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