CI Financial takes over RIA Barrett Asset Management, based in New York
TORONTO & NEW YORK – (BUSINESS WIRE) – CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified global asset and asset management company, today announced an agreement to acquire Barrett Asset Management, LLC (“Barrett”), a new company based in York Registered Investment Advisers (RIA) with wealth and investment management skills are primarily aimed at high net worth individuals and families.
Barrett brings $ 2.5 billion1 in assets to CI’s rapidly growing US wealth management company. Upon completion of the transaction, CI is expected to have assets of approximately $ 50 billion and total assets of $ 212 billion2. Barrett represents CI’s second RIA in New York, expanding CI’s gamut in the world’s largest financial center to more than $ 5.5 billion.
The acquisition is an example of CI CEO Kurt MacAlpine’s mission to expand wealth management and globalize the company by partnering with strong U.S. wealth management companies with dedicated management teams, aligned cultures and a shared vision for the future of the industry.
“We look forward to working with the dedicated and experienced Barrett team and helping them build on their success,” said MacAlpine. “Since 1937 Barrett has provided first class service to customers who include families, trusts, and nonprofits. We value their team approach to customer service and focus on planning across generations. Thanks to the support of CI, they can further improve their services and functions for the office for several families. ”
Barrett offers a range of high-touch services tailored to each client, including wealth planning and investment management. The company’s portfolio management expertise includes managing two internal investment funds. Barrett has received notable industry recognition from respected outlets such as Bloomberg, Investment News, and Financial Times for their advisory services.
“Our company has always been guided by the customer first,” said Peter Shriver, CFA, Barrett’s chief executive officer. “The goals and needs of our customers were in the foreground when we decided to align ourselves with CI. The partnership with CI offers our customers and our company continuity in the development of our next generation of leaders. By doing this, we can continue to deliver the incredible level of service we are known for while gaining resources and skills that will benefit our customers and drive their success. ”
Since entering the US market in January 2020, CI has become one of the fastest growing RIA platforms in the industry with 15 acquisitions (including transactions from affiliated RIAs). Upon completion of all outstanding transactions, CI’s total North American asset management assets are expected to be approximately $ 105 billion ($ 133 billion) and total assets of $ 212 billion ($ 270 billion) .2
Cambridge International Partners LLC acted as exclusive financial advisor to Barrett. This transaction is expected to close in the second quarter of 2021, subject to regulatory and other customary closing conditions.
About Barrett Asset Management
Since 1937, Barrett Asset Management, LLC has put its customers first, working to ensure that each of them achieve their goals and aspirations. Barrett is an independent investment management firm focused on growing and sustaining the wealth of individuals, families, trusts and not for profit. The company adapts each investment portfolio to a client’s earnings and growth goals by making appropriate asset allocation and individual asset selection. Barrett is a New York based company with more than $ 2.5 billion in assets under management as of February 28, 2021. For more information about Barrett, please visit http://www.barrettasset.com.
About CI Financial
CI Financial Corp. is an independent company providing global wealth management and asset management advisory services. CI managed and advised client assets of approximately $ 236.5 billion ($ 185.7 billion) as of February 28, 2021. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd. Canadian wealth management by Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.) and CI Investment Services Inc.
CI’s US wealth management businesses consist of BDF LLC, Bowling Portfolio Management LLC, Cabana Group, LLC, Congress Wealth Management, LLC, Doyle Wealth Management, LLC, One Capital Management, LLC, Roosevelt Investment Group, LLC, RGT Wealth Advisors , 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. More information is available at www.cifinancial.com.
1 As of February 28, 2021.
2 Forecasts are based on assets as of February 28, 2021 and anticipate completion of the transactions with Barrett and Segall Bryant & Hamill, LLC (“SBH”) of Chicago.
This press release contains forward-looking statements regarding expected future events, results, circumstances, performance, or expectations relating to CI Financial Corp. (“CI”) and its products and services, including its business, strategy, and financial performance and terms. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “forecast,” “anticipate,” “intend,” “estimate,” “aim,” “plan,” and “project”. and similar references to future periods or conditional verbs such as “will”, “may”, “should”, “could” or “dignity”. These statements are not historical facts but represent management’s beliefs about future events, many of which are inherently uncertain and beyond management’s control. Although management believes that the expectations contained in such forward-looking statements are based on reasonable assumptions, these statements involve risks and uncertainties. Some of the key factors and assumptions that were used in order to arrive at the conclusions contained in these forward-looking statements include that the Barrett and SBH acquisitions will complete and their asset levels will remain stable, the mutual fund industry will remain stable, and interest rates will remain relatively stable . Factors that could cause actual results to differ materially from expectations include, but are not limited to, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government or tax laws, industry competition, and technological developments other factors described or discussed in CI’s disclosure documents filed with applicable securities regulators from time to time. The list above is not intended to be exhaustive and the reader is cautioned to carefully consider these and other factors and not to place undue reliance on forward-looking statements. Except as expressly required by law, CI assumes no obligation to update or change any forward-looking statements after the date of their publication to reflect new information, future events or otherwise.