Canadian asset manager CI Financial has signed an agreement to purchase New York-Based RIA Barrett Asset Management.
Financial terms of the deal, which is expected to close in the second quarter of this year, were not shared.
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Barrett offers wealth and investment management services primarily to HNW and UHNW individuals and families. Additionally, the firm manages two in-house mutual funds.
The purchase of the firm will add $2.5bn in assets to CI’s US wealth management business. CI is expected to have nearly $50bn in US assets and $212bn in total assets after the transaction is finalised.
Mission to bolster wealth management
CI’s latest deal aligns with CEO Kurt MacAlpine’s goal to bolster wealth management and globalise the company by partnering with US wealth management businesses.
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By GlobalDataBarrett marks the second RIA acquisition in New York for CI, expanding its scale in the region to over $5.5bn.
The asset manager made its entry into the US market in January last year. It has sealed 15 acquisitions till date, including those by affiliated RIAs as well.
Most recently, CI agreed to buy a majority stake in Houston-based RIA Stavis & Cohen Financial.
CI’s total North American wealth management assets are expected to be around $105bn (C$133bn) while total assets will reach about $212bn (C$270bn) after the completion of all outstanding transactions.
Comments
MacAlpine said: “Since 1937, Barrett has been delivering superior service to its clientele, which includes families, trusts and charitable organisations. We place immense value on their team approach to client service and focus on multi-generational planning, and CI’s backing will allow them to continue to enhance their multi-family office services and capabilities.”
Barrett CEO Peter Shriver said: “Partnering with CI provides continuity for our clients and our firm as we develop our next generation of leaders. It will enable us to continue providing the incredible level of service we are known for, while gaining resources and capabilities that will benefit our clients and drive their success.”
