View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 11, 2021

CI Financial brokers deal to buy $7.5bn Chicago-based RIA

By Verdict Staff

CI Financial has signed an agreement to purchase Chicago-based wealth and investment management firm Gofen and Glossberg (Gofen), which oversees $7.5bn in assets.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

The deal, whose financial terms were not disclosed, marks CI’s third registered investment advisor (RIA) acquisition in Chicago.

The transaction is expected to close later this quarter.

Founded in 1932, Gofen provides personalised investment solutions and planning solutions to mainly high-net-worth (HNW) families.

The firm is led by its executive committee comprising Charles Gofen, James Borovsky, Michael Stelmacki and Peter Kupferberg.

CI CEO Kurt MacAlpine said: “Gofen’s committed team, tenured client relationships and attention to customization highlight their desire to go above and beyond. This is exactly the type of firm CI looks to add to its growing CI Private Wealth group.”

The addition of Gofen is expected to expand CI’s presence in the broader Midwest of the US.

Commenting on the deal, Gofen said: “In CI Private Wealth, CI has built an impressive and compelling platform that includes top-tier wealth management firms across the country.

“We look forward to collaborating with our new colleagues and are confident that the sharing of knowledge and expertise will greatly benefit our practice and our clients.”

Meanwhile, the latest acquisition follows a series of M&A activities by CI in the US.

The firm, which is looking to bolster its US presence as part of a global expansion strategy, recently signed a deal to buy a majority holding in US-based RIA Bluestein.

It follows a number of acquisition deals signed by the firm this year, including that of McCutchen Group, Portola Partners Group, and Radnor Financial Advisors.

CI expects the assets in its US wealth management business to reach approximately $95bn (C$121bn) following the closure of the latest and other recently announced acquisitions.

The firm’s total assets globally are anticipated to reach approximately $271bn (C$344bn).

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International