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October 22, 2021

CI Financial to acquire $3.4bn wealth manager in US

By Verdict Staff

CI Financial, which is on acquisition spree of late, has brokered the next deal to further expand its US footprint.

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The Canadian wealth manager finalised an agreement to buy Seattle-based ultra-high-net-worth (UHNW) focused wealth management firm McCutchen Group, which oversees $3.4bn in assets.

The financial terms of the deal were not disclosed.

Founded in 2007, McCutchen offers a spectrum of financial advisory services, including investment management, tax, charitable and estate planning, and family office services.

CI CEO Kurt MacAlpine remarked that the deal would boost the firm’s presence and expertise in the UHNW space.

“In addition, McCutchen Group is CI’s first office in the Pacific Northwest and provides a solid foundation for continued growth in that region,” MacAlpine added.

CI entered into the US-registered investment advisor sector in January last year. Since then, the firm has been accelerating its consolidation activities as part of its strategy to globalise the firm.

The latest deal is expected to increase the company’s US wealth management assets to approximately $83bn (C$106bn)

Commenting on the deal, McCutchen Group founder and CEO Matt McCutchen said: “CI is an ideal partner for us and our clients, given the strong alignment of culture and values and its commitment to a client-focused model.

“Working with CI will allow us to expand and enhance the services we offer our clients while preserving the advisory model that our clients value.”

Last month, CI Financial agreed to buy Silicon Valley wealth management firm Portola Partners Group, which caters to ultra-high-net-worth UHNW families.

In June, the firm brokered a deal to buy Radnor Financial Advisors, which primarily serve HNW families in the Greater Philadelphia region of the US.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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