CI Financial Corp T.CIX

Acquisition

[retiredcf]

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

[Ronbromleygross]

Thank you very much retiredcf for keeping us all in the loop.  Wow just when you think there can't be more to come as this is already too much, we get another great news story and aquisition.   Truly remarkable and very nice to see.   I should have bought more in the recent dip around $18 when many of the insiders were buying.   As a disciplined investor I trusted my self