TORONTO, Sept. 16, 2020 /CNW/ - CI Financial Corp.
("CI") (TSX: CIX) announced today it has completed the acquisition
of Balasa Dinverno Foltz LLC ("BDF") of Itasca, Illinois, a highly regarded private
wealth management firm with US$4.5
billion in assets as at August 31,
2020.
The addition of BDF increases CI's U.S. wealth management assets
to approximately US$11 billion (based
on assets as at August 31, 2020) and
gives CI a leading presence in the vital Chicago region. The purchase of BDF, which was
first announced on August 4, 2020, is
CI's fifth direct acquisition of a registered investment advisor
("RIA") firm this year and the eighth overall when including
acquisitions by affiliated RIAs, and CI's largest RIA acquisition
to date. CI is one of the industry's fastest-growing RIA platforms,
having made its first acquisition in the first quarter of this
year.
"BDF is a thriving, high-quality firm and we're excited to
welcome the team to CI," said Kurt
MacAlpine, CI Chief Executive Officer. "Adding a firm of
BDF's size and excellence significantly accelerates our U.S. wealth
strategy. As we add scale to the business, we can realize synergies
and provide service enhancements across our network, such as deeper
wealth planning support and a wider choice of effective investment
solutions."
"Furthermore, we will be introducing the CI Private Wealth brand
in the United States and
Canada to represent our
high-net-worth and ultra-high-net-worth advisory businesses and
support our unique value proposition."
The BDF team of 62 people provides customized wealth management
services to individuals and families, business owners and
institutions and non-profit organizations. BDF has earned numerous
accolades, including being ranked Number 30 on the RIA Channel Top
100 Wealth Managers for 2020, and being listed on the 2020 FT300:
Top Registered Investment Advisors and the Barron's Top RIAs
for 2020.
Chad Carlson has been named
President and Co-Chief Investment Officer of BDF. He previously
held the positions of Wealth Manager and Director of
Research.
"CI is pursuing a compelling strategy of building a national
wealth management company and we're thrilled to play a key role,"
said Mr. Carlson. "We share a client-centered, comprehensive
approach to wealth management that helps our clients live full
lives. As part of CI, we look forward to continuing to enhance our
service offering and growing the firm."
CI began its expansion in the U.S. earlier this year in support
of its newly adopted strategic priorities of globalizing the firm
and expanding its wealth management platform.
CI also holds ownership interests in the following RIAs:
- The Cabana Group, LLC, of Fayetteville, Arkansas
- Congress Wealth Management, LLC of Boston, Massachusetts
- One Capital Management, LLC, of Westlake Village, California
- Surevest, LLC, of Phoenix,
Arizona.
BDF was founded in 2001 by Mark
Balasa, Armond Dinverno, and
Mike Foltz. Its expertise includes
practice groups specializing in the unique needs of women, widows,
business owners, insurance brokers and agency owners, lawyers,
financial professionals, and divorcing individuals. BDF was advised
by the Asset & Wealth Management Investment Banking group of
Raymond James Financial, Inc. Terms of the transaction were not
disclosed.
About CI Financial
CI Financial Corp. (TSX: CIX) is an
independent company offering global asset management and wealth
management advisory services. CI held approximately $189 billion (US$143
billion) in fee-earning assets as of August 31, 2020. CI's primary asset management
businesses are CI Investments Inc. and GSFM Pty Ltd., and it
operates in wealth management through Assante Wealth Management
(Canada) Ltd., CI Private Counsel
LP, CI Direct Investing (WealthBar Financial Services Inc.), BBS
Securities Inc., The Cabana Group, LLC, Congress Wealth Management,
One Capital Management, LLC and Surevest LLC. Further information
is available at www.cifinancial.com.
All financial amounts in Canadian dollars unless otherwise
specified.
Barron's RIA rankings are intended to shine a spotlight on
the nation's best wealth managers and raise standards in the
industry. Firms that wish to be ranked fill out a 102-question
survey about their practice. Barron's verifies that data and
applies its rankings formula to the data to generate a ranking,
based on assets, revenue and quality of practice.
The FT 300 assesses registered investment advisers based on
desirable traits for investors and presents the FT 300 as an elite
group, not a competitive ranking of one to 300. RIAs must complete
an application to be considered. The formula the FT uses to grade
advisers is based on six broad factors and calculates a numeric
score for each adviser. Areas of consideration include AUM, asset
growth, the company's age, industry certifications of key
employees, SEC compliance record and online accessibility.
RIA Channel ranked the Top 100 RIA firms of 2020 based on a
proprietary set of criteria and data. The ranking is based on both
size and growth in assets as of June 30,
2020, as reported to the SEC. RIA Database
(RIADatabase.com) was used for regulatory data,
organic research, and advisor surveys.
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 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, 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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SOURCE CI Financial Corp.