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May 11, 2022

CI Private Wealth to set up trust company in South Dakota

CI Private Wealth (CIPW) US, a subsidiary of Canada’s CI Financial, has applied for a charter to set up and operate a trust company in South Dakota.

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  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
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The new entity, which will be known as CI Trust, will provide administrative trust solutions to clients through CIPW’s wealth management platform in the US.

CI CEO Kurt MacAlpine said: “CI Trust will allow us to offer clients a variety of robust trust solutions and further enhance the elite client experience that CI Private Wealth provides.”

“Trusts are a critical part of meeting the complex wealth management and estate planning needs of ultra-high-net-worth and high-net-worth clients. CI Trust will offer comprehensive, customised administrative trust solutions designed to satisfy each client’s goals, while CIPW manages the trust’s assets to ensure alignment with the client’s overall wealth management plan.”

CI forayed into the US in registered investment adviser (RIA) in January 2020. Since then, the firm has been rapidly expanding its footprint in the country through M&A deals.

CI’s US assets will reach around $134bn once all the outstanding acquisitions are completed.  

Last month, the Toronto-headquartered company revealed plans to sell up to 20% of its US wealth management business through an initial public offering (IPO) in the country.

According to MacAlpine, CI Trust will be an important step in the company’s mission of building the country’s leading wealth management firm for ultra-high-net-worth (UHNW) and high-net-worth (HNW) investors.

“It will build on other successful enhancements to our service offerings, such as the launch earlier this year of our Family Office Services platform, which completed approximately 1,000 tax returns for our clients in its first year of operation,” he added.

Recently, CI Global Asset Management launched two ETFs with focus on investment opportunities in blockchain technology and the metaverse.

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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