CI Financial acquires minority stake in Quebec firm
CI Financial and Assante Wealth Management (Canada), a CI subsidiary, announced Sept. 24 that CI will acquire a minority share in Assante's Dorval, Quebec operation.
Assante Dorval offers wealth planning services to individuals, business owners and professionals across the province of Quebec. It is Assante's largest retail presence in terms of assets under management and has 59 licensed financial advisors, says CI. It also serves as Assante's Quebec regional corporate office.
"We are incredibly proud and gratified by the confidence that CI and Assante have shown in our business with this strategic investment," said Peter Pomponio, Managing Director of Assante Quebec and owner of Assante Dorval. "It is a testament to our strong partnership and an endorsement of our shared entrepreneurial culture, which emphasizes attracting and retaining top talent and putting the interests of our clients first."
CI says this is its first direct equity investment in a regional or local operation for Assante. These offices are typically owned by an advisor or advisor team.
Assante Dorval will continue with its existing management team led by Pomponio and Chief Financial Officer Nick Marando. They will also continue their leadership role for Assante in the province of Quebec, says CI.
"Large, growing, centrally located operations like Assante Dorval are essential to the continued success of our wealth management business in Canada," said Sean Etherington, President of Assante. "CI's investment in Assante Dorval will support the business by strengthening the platform for recruiting high-performing advisors, promoting continued growth in the high-net-worth advisory segment and allowing for long-term succession planning opportunities.”
CI says the acquisition aligns with its “substantial ongoing investment in both expanding and enhancing its wealth management platform in the U.S. and Canada.”
The transaction, subject to customary closing conditions, is expected to close early in Q4 2020.