CI Financial Completes US $ 5.2 Billion Acquisition of Silicon Valley RIA Portola Partners
MIAMI & TORONTO & MENLO PARK, Calif .– (COMMERCIAL THREAD) –CI Financial Corp. (“CI”) (TSX: CIX, NYSE: CIXX) announced today that it has completed the acquisition of Portola Partners Group LLC (“Portola Partners” or “Portola”), a Silicon Valley wealth management company dedicated to meeting the financial needs of high net worth families.
“We are delighted to welcome Portola Partners to CI,” said Kurt MacAlpine, CEO of CI. “Portola has developed an exceptional practice and a first-rate reputation based on their success in meeting the complex and varied financial needs of wealthy families. We look forward to working with the team to expand and improve their practice, while their expertise will contribute to CI Private Wealth’s very high net worth offering.
THIS announced a deal last month to acquire Portola, which manages $ 5.2 billion in assets. Portola provides comprehensive investment and wealth planning solutions to respected families, foundations and foundations. She has developed substantial expertise at the intersection of investments and taxation, wealth transfer, and estate and charitable planning, while providing a wide range of family office services. Many of Portola’s clients live in the San Francisco Bay Area and include founders, executives and venture capitalists of technology companies.
Since entering the Registered Investment Adviser (RIA) industry in the United States in January 2020, CI has grown into one of the fastest growing wealth management platforms in the country. With the completion of the Portola Acquisition and other ongoing transactions, CI Private Wealth will serve clients across the United States with total assets of approximately US $ 82 billion (C $ 103 billion). CI’s total assets under management and global wealth management assets are expected to be approximately US $ 263 billion (C $ 331 billion).
All amounts are as of August 31, 2021.
About CI Financial
CI Financial Corp. is an independent company providing global asset management and wealth management advisory services. CI managed and advised approximately C $ 320.4 billion (US $ 253.9 billion) in client assets as at August 31, 2021. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc. .) and GSFM Pty Ltd., and operates in Canadian Wealth Management through CI Assante Wealth Management (Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investment (WealthBar Financial Services Inc.) and CI Investment Services Inc.
CI’s US wealth management businesses include Barrett Asset Management, LLC, BDF LLC, Bowling Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, Dowling & Yahnke, LLC, Doyle Wealth Management, LLC, One Capital Management, LLC, Portola Partners Group LLC, Radnor Financial Advisors, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, Segall, Bryant & Hamill, LLC, Stavis & Cohen Private Wealth, LLC and Surevest LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX. More information is available at www.cifinancial.com.
This press release contains forward-looking statements regarding anticipated future events, results, circumstances, performance or expectations regarding CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and conditions. Forward-looking statements are generally identified by words such as “believe”, “expect”, “expect”, “expect”, “anticipate”, “intend”, “estimate”, “objective”, ” plan ”and“ project ”and similar references to future periods, or conditional verbs such as“ will ”,“ may ”,“ should ”,“ could ”or“ would ”. These statements are not historical facts but rather represent management’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of management. Although management believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, these statements involve risks and uncertainties. Important factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that the acquisition of Budros, Ruhlin & Roe will be completed and its asset levels will remain stable, the investment fund industry will remain stable and that interest rates will remain relatively stable. Factors that could cause actual results to differ materially from expectations include, but are not limited to, general economic and market conditions including interest and exchange rates, global financial markets, changes made government regulations or tax laws, competition in the industry, technological developments and other factors described or discussed in CI’s disclosure documents filed with the relevant securities authorities from time to time. The foregoing list is not exhaustive and the reader is urged to carefully consider these and other factors and not to place undue reliance on forward-looking statements. Unless expressly required by applicable law, CI assumes no obligation to update or modify any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.