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CI Financial acquires Eaton Vance Assets from Morgan Stanley

Canadian wealth management firm CI Financial, one of the industry’s most formidable RIA acquirers, said it would buy a portion of Eaton Vance WaterOak Advisors’ wealth management business from Morgan Stanley, for a total of about $11.4 billion.

Additionally, as of last September, Pathstone, an independent advisory firm with an AUM of approximately $20 billion, announced that it would acquire approximately $3 billion in assets from Eaton Vance WaterOak Advisors, bringing Pathstone’s total assets to more than $35 billion in advisory. will come under

Eaton Vance Water Oak Advisors was originally known as Eaton Vance Investment Council when it was the wealth management associate for Eaton Vance Corp. Morgan Stanley acquired WaterOak in November of 2020, before acquiring Eaton Vance and its subsidiaries in a $7 billion deal in March the following year.

Curt McAlpine, CEO of CI Financial, said the Eaton Vance team has earned its reputation as one of the leading RIAs in the United States, adding that he is proud to welcome them to the CI fold.

McAlpine said, “This is one of our largest US acquisitions by assets to date and aligns us with a growing firm with a rich history, an exceptional team, industry-leading wealth management capabilities and loyal, sophisticated clients.” does.”

CI Financial first entered the US space in January 2020 when It acquired majority stake in Phoenix, Ariz.-based RIA SureWest Wealth Management, and quickly followed it up with a majority stake. California-based $1.6 trillion RIA One Capital, CI continued acquisitions at a brisk pace; To date, he has 32. Made it Deals in USA.

With the completion of the Eaton Vance deal (and other transactions), CI Financial is expected to reach approximately $133 billion in assets (the firm’s total global assets are approximately $311 billion). In February, CI Financial Acquired Coriant Capital Partners, a $5 billion firm based in Newport Beach. In December, Firm acquired by RegentAtlantic, a $6 billion New York and New Jersey-based firm. Last September, CI Financial announced that it would open a US headquarters in Miami, Fla., leasing 20,000 square feet of office space in the city’s Bricknell Financial District. The office is expected to be completed this year and open in 2023.

Pathstone’s partial acquisition of the property from Eaton Vance WaterOak will boost the former firm’s footprint in Florida (WaterOak is based out of Winter Park, Fla.), and with the deal, Pathstone will have 14 locations with 235 team members across the United States. will be extended to

WaterOak Advisors founder L Clarke Lemons, who also heads the firm’s Southeast division, said Pathstone will be a “great partner” for the firm and its clients for the foreseeable future.

“Pathstone represents the culture, vision and perspective that we place so highly in caring for our people and customers,” he said.

The CI and Eaton Vance deal is expected to close in the fourth quarter of 2022.

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