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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

Post by retiredcfon May 10, 2021 10:04am
89 Views
Post# 33164249

Acquisition

Acquisition

08:02 AM EDT, 05/10/2021 (MT Newswires) -- CI Financial Corp. (CIX.TO) on Monday said it agreed to acquire Dowling & Yahnke, LLC, a San Diego-based investment advisor firm with US$5.1 billion in assets.

Closing is expected in the second quarter. Financial terms were not disclosed.

CI said the transaction is expected to boost the company's total U.S. assets to US$63 billion and total assets to US$230 billion.

Meanwhile, CI Financial subsidiary CI Global Asset Management said the merger of closed-end investment fund CI Galaxy Bitcoin Fund (BTCG.TO) into exchange-traded fund CI Galaxy Bitcoin ETF (BTCX.TO) was completed last Friday.

Unitholders of CI Galaxy Bitcoin Fund received units of CI Galaxy Bitcoin ETF based on a 2.336595:1 exchange ratio. The total number of units of the continuing ETF is 13,405,314.

CI GAM said it implemented the merger as it believes that the ETF structure offers increased liquidity through continuous distribution and the potential benefits of greater economies of scale.

Price: 20.90, Change: +0.37, Percent Change: +1.80

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