TORONTO – (BUSINESS WIRE) –CI Financial Corp. (CI) (TSX: CIX) (NYSE: CIXX) announced today that it has completed the acquisition of Bowling Portfolio Management LLC (Bowling) of Cincinnati. CI also celebrated its cross-listing on the New York Stock Exchange (NYSE) yesterday, as US stocks began trading on the NYSE under the ticker symbol CIXX.
U.S. Listing and Completed Bowling Acquisition Highlight CI’s Growing Focus on Growth in the U.S. The Bowling Acquisition, which was previously announced on September 21, 2020, represents CI’s ninth Registered Investment Advisor (RIA) transaction completed this year.
Completing the Bowling acquisition and celebrating our cross-listing on the New York Stock Exchange on the same day is a truly exciting time for our company and our partners, said Kurt MacAlpine, CEO of CI Financial. As we expand our wealth management presence in North America by acquiring leading and well-managed companies such as Bowling, we will now also be able to offer US dollar denominated stocks when future acquisitions.
As one of the fastest growing RIA platforms in the United States, CI has completed six direct acquisitions as well as three sub-acquisitions through its CI affiliates since February. In addition to Bowling, CI now owns interests in:
CI also recently announced an acquisition agreement for The Roosevelt Investment Group, Inc. of New York, a full acquisition of Doyle Wealth Management, Inc. from Tampa, Florida; and a majority stake in Stavis & Cohen Financial, LLC from Houston. These transactions are expected to close before year end, subject to customary closing conditions, including regulatory approval.
The listing of CI Financials shares on the New York Stock Exchange and the finalized acquisition of Bowling support two of CI’s core mandates that globalize the company and expand its wealth management platform.
After all outstanding transactions are closed, the North American wealth management businesses of credit institutions will have assets of approximately $ 83 billion (US $ 63 billion). The total assets of credit institutions will reach a record 209 billion dollars (157 billion US dollars). (Projections are based on asset levels as of October 31, 2020.)
About CI Financial
CI Financial Corp. is an independent company providing global asset management and wealth management advisory services. The company had total assets of C $ 202 billion as at October 31, 2020. CI’s primary asset management businesses are CI Global Asset Management and GSFM Pty Ltd., and it operates in wealth management through d’Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.), CI Investment Services Inc., Balasa Dinverno Foltz LLC, Bowling Portfolio Management LLC, The Cabana Group, LLC, Congress Wealth Management, One Capital Management, LLC and Surevest LLC. CI trades on the Toronto Stock Exchange under the symbol CIX and on the New York Stock Exchange under CIXX. More information is available at www.cifinancial.com.
All financial amounts in Canadian dollars, unless otherwise indicated.
CI Global Asset Management is a registered business name of CI Investments Inc.
This press release contains forward-looking statements regarding anticipated future events, results, circumstances, performance or expectations relating to CI Financial Corp. (CI) and its products and services, including its business activities, strategy and financial performance and condition. Forward-looking statements are generally identified by words such as believe, expect, foresee, foresee, anticipate, intend, estimate, aim, plan and project and similar references to future periods, or conditional verbs such as will, may, should, could or have. These statements are not historical facts, but rather represent the beliefs of management 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 these forward-looking statements are based on reasonable assumptions, these statements involve risks and uncertainties. Important 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, but are not limited to, general economic and market conditions, including interest and exchange rates, global financial markets, changes in government regulations or tax laws, industry competition, technological developments and the like factors described or discussed in the CI disclosure documents filed from time to time with the relevant securities authorities. The foregoing list is not exhaustive and the reader is urged to carefully consider these and other factors and not to place undue reliance on forward-looking statements. Except as specifically required by applicable law, CI assumes no obligation to update or modify any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.