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.

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.

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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.  

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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.