Addition of California RIA deepens CI’s presence in ultra-high-net-worth segment and increases U.S. wealth management assets to US$125 billion
CI Financial Corp., announced an agreement under which CI will acquire Corient Capital Partners, LLC , a Newport Beach-based wealth management firm overseeing US$5.0 billion on behalf of ultra-high-net-worth individuals and families across the United States.
“The CI Private Wealth Partnership model supports the continued enhancement of the services we offer our clients, while as partners, we will participate fully in the development of a new, national private wealth firm.”
Founded in 2015 by a team of highly experienced advisors, Corient delivers a client-focused, comprehensive wealth management service that aligns precisely with the vision of CI Private Wealth. Corient combines a holistic advisory model with an alternative investments platform designed to meet client needs in all areas of wealth and investment management. Corient is home to 24 full-time employees, who work primarily with entrepreneurs, executives, athletes, families and charitable foundations.
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“Corient is an exceptional firm with a first-rate, highly dedicated team,” said Kurt MacAlpine, CI Chief Executive Officer. “Corient’s deep relationships with their clients and commitment to their success have directly contributed to the firm’s tremendous growth, reaching $5 billion in assets in just seven years.
“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 important segment, and Corient’s location in the Los Angeles region, one of the country’s largest and most dynamic economies, is a solid foundation for continued strong growth.”
“We are excited to join CI Private Wealth and partner with what are, without question, some of the highest-quality firms in our industry,” said Darren Henderson, Corient Partner. “The CI Private Wealth Partnership model supports the continued enhancement of the services we offer our clients, while as partners, we will participate fully in the development of a new, national private wealth firm.”
The transaction was supported by Merchant Investment Management, LLC, which has been an equity investor in Corient since 2020.
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“We thank the Merchant team for their partnership,” said Corient Partner Chris Copps. “Working with them has been a pleasure and we appreciate the confidence they placed in our firm.”
This transaction is expected to increase assets in CI’s U.S. Wealth Management segment to approximately US$125 billion (C$158 billion). With the completion of other outstanding transactions, CI’s total assets under management and advisement globally are expected to reach approximately US$311 billion (C$393 billion).
The transaction is expected to close in the second quarter of 2022, subject to regulatory approvals and other customary closing conditions. Ernst & Young Capital Advisors, LLC served as advisors to Corient and legal advice was provided by Alston & Bird. CI’s legal advisor was Hogan Lovells US LLP. Financial terms were not disclosed.
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