Move highlights continued development of
fast-growing private wealth firm
CI Private Wealth US, LLC (“CIPW”), a subsidiary of CI Financial
Corp. (“CI”) (TSX: CIX, NYSE: CIXX), announced today that it has
applied for a charter to establish and operate a South Dakota trust
company (“CI Trust”). Once chartered, CI Trust will offer
administrative trust solutions to clients through CIPW’s national
wealth management platform.
“CI Trust will allow us to offer clients a variety of robust
trust solutions and further enhance the elite client experience
that CI Private Wealth provides,” said Kurt MacAlpine, Chief
Executive Officer of CI.
“Trusts are a critical part of meeting the complex wealth
management and estate planning needs of ultra-high-net-worth and
high-net-worth clients. CI Trust will offer comprehensive,
customized administrative trust solutions designed to satisfy each
client’s goals, while CIPW manages the trust’s assets to ensure
alignment with the client’s overall wealth management plan.”
CI entered the U.S. registered investment advisor (“RIA”) sector
in January 2020 and quickly became one of the fastest-growing
wealth management firms in the U.S. Once all outstanding
acquisitions are completed, CI’s U.S. assets will reach
approximately US$134 billion (based on assets as of March 31,
2022).
“Establishing CI Trust is an important step in our mission of
building the country’s leading wealth management firm for
ultra-high-net-worth and high-net-worth investors,” Mr. MacAlpine
said. “It will build on other successful enhancements to our
service offerings, such as the launch earlier this year of our
Family Office Services platform, which completed approximately
1,000 tax returns for our clients in its first year of
operation.”
About CI Financial
CI Financial Corp. is an integrated global wealth and asset
management company. CI managed and advised on approximately
US$295.7 billion (C$370.2 billion) in client assets as at March 31,
2022. CI’s primary asset management businesses are CI Global Asset
Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates
in Canadian wealth management through CI Assante Wealth Management
(Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP,
Aligned Capital Partners Inc., Northwood Family Office Ltd., CI
Direct Investing (WealthBar Financial Services Inc.), and CI
Investment Services Inc.
CI’s U.S. wealth management businesses consist of Barrett Asset
Management, LLC, Balasa Dinverno Foltz LLC, Bowling Portfolio
Management LLC, Brightworth, LLC, BRR OpCo, LLC (Budros, Ruhlin
& Roe), The Cabana Group, LLC, Corient Capital Partners, LLC,
CPWM, LLC (Columbia Pacific Wealth Management), Congress Wealth
Management LLC, Dowling & Yahnke, LLC, Doyle Wealth Management,
LLC, Galapagos Partners, LP, Gofen & Glossberg, LLC, Matrix
Capital Advisors, LLC, McCutchen Group LLC, OCM Capital Partners,
LLC, Portola Partners Group LLC, Radnor Financial Advisors, LLC,
RegentAtlantic Capital, LLC, The Roosevelt Investment Group, LLC,
RGT Wealth Advisors, LLC, R.H. Bluestein & Co., Segall Bryant
& Hamill, LLC, Stavis & Cohen Private Wealth, LLC, and
Surevest LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the
New York Stock Exchange under CIXX. Further information is
available at www.cifinancial.com.
This press release contains forward-looking statements
concerning anticipated future events, results, circumstances,
performance or expectations with respect to CI Financial Corp.
(“CI”) and its products and services, including its business
operations, strategy and financial performance and condition.
Forward-looking statements are typically identified by words such
as “believe”, “expect”, “foresee”, “forecast”, “anticipate”,
“intend”, “estimate”, “goal”, “plan” and “project” and similar
references to future periods, or conditional verbs such as “will”,
“may”, “should”, “could” or “would”. These statements are not
historical facts but instead represent management beliefs regarding
future events, many of which by their nature are inherently
uncertain and beyond management’s control. Although management
believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, such statements
involve risks and uncertainties. The material factors and
assumptions applied in reaching the conclusions contained in these
forward-looking statements include that all outstanding
acquisitions will be completed and their asset levels will remain
stable, that the investment fund industry will remain stable and
that interest rates will remain relatively stable. Factors that
could cause actual results to differ materially from expectations
include, among other things, general economic and market
conditions, including interest and foreign exchange rates, global
financial markets, the risk that changes in government regulations
or in tax laws, industry competition, technological developments
and other factors described or discussed in CI’s disclosure
materials filed with applicable securities regulatory authorities
from time to time. The foregoing list is not exhaustive and the
reader is cautioned to consider these and other factors carefully
and not to place undue reliance on forward-looking statements.
Other than as specifically required by applicable law, CI
undertakes no obligation to update or alter any forward-looking
statement after the date on which it is made, whether to reflect
new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220510005504/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations United States Jimmy Moock Managing Partner,
StreetCred 610-304-4570 jimmy@streetcredpr.com ci@streetcredpr.com
Canada Murray Oxby Vice-President, Corporate Communications
416-681-3254 moxby@ci.com
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