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CI Financial acquires Newport Beach-based $5 billion firm

Canadian wealth management firm CI Financial continued its multi-year expansion into the US market this week with a Newport Beach-based firm specializing in ultra-high-net-worth clients across the country , which manages about $5 billion. in the property.

CI Financial CEO Kurt McAlpine lauded Coriente as an exceptional firm with a “first-class, highly dedicated team”. It was founded in 2015 and consists of 24 full-time employees, who work with a number of business executives, athletes, families and charitable foundations.

“The team’s extensive experience and success in serving ultra-high-net-worth individuals and families will deepen CI Private Wealth’s presence and expertise in this critical segment, and Coriente’s location in the Los Angeles area, the nation’s largest and largest dynamic economies, has a solid foundation for continued strong growth,” McAlpine said of the deal.

The deal is CI’s 31st transaction in the United States, which includes 24 RIA transactions (not including Coriente), two strategic investments in alternative investment firms, and five sub-acquisitions completed by affiliated RIAs. Canadian firm entered the US wealth management arena for the first time by securing a 70% majority stake in late 2019 at SureWest Wealth Management in Phoenix, The Coriant acquisition was assisted by Merchant Investment Management, which has been an equity investor in Coriant since 2020.

Acquisition news CI . came as announced its Q4 2021 earnings, an all-record net worth of $384.1 billion, an increase of 65.9% year-on-year. In total, the firm completed eight RIA acquisitions in 2021 with total assets of $43.3 billion. At this point, the firm’s US wealth management business includes $151.3 billion in assets just two years after its first US deal.

“During the year, we added $6.6 billion of new client assets, excluding market moves and M&A,” McAlpine said of the earnings report. “This was the result of strong growth in wealth management and our best asset management flows in six years.”

Last September, Firm Unveiling Plans for a US Headquarters Located in Miami, with 20,000-square-foot office space designated for the Brickell Financial District. The office will be located in the 55-story Bricknell Office Tower, which is scheduled for completion this year, and the CI is expected to move by 2023, filling the space with key C-suite officers and personnel. According to Miami Mayor Francis Suarez, CI Financial will be the largest financial institution, headquartered in South Florida.

The $5 billion acquisition of Coriente is the latest in a recent multi-billion deal by CI Financial’s US Wealth Management division. In December, CI New York-based RIA acquired RegentAtlantic, with $1 billion in AUM; The deal raised CI’s US assets to more than $100 billion, just two years after it struck its first US deal.

Previous Month, CI Financial acquired Goffen and GlossbergA wealth management firm based out of Chicago, founded in 1932 and managing $7.5 billion in client assets, while in October, Canadian RIA acquired McCutchen Group boughtSeattle RIA with $3.4 billion in AUM. Tea Firm also started business on the New York Stock Exchange in late 2020, according to Echelon Partners, and the firm was the largest strategic acquirer in the US in 2020.

The deal between Corient and CI Financial is expected to close in the second quarter of 2022; CI’s legal advisor in the deal was Hogan Lovells, while Ernst & Young Capital Advisors acted as an advisor to Coriente, while Alston & Bird provided legal advice to the acquired firm.

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