CI Financial Corp. is acquiring a majority interest in Burlington, Ontario-based Aligned Capital, a Canadian full-service investment advisory firm with approximately $10 billion in assets, announced the two companies on Aug. 5.
After the transaction closes, CI says it will have about $59 billion in assets in Canadian wealth management and 1,100 advisor teams.
When added to its U.S. registered investment advisory (RIA) business, CI will have about $74 billion in wealth management assets, a 57% increase in the past 12 months, says the company.
"Aligned Capital, with its rapid growth, is an excellent partner for CI as we expand our wealth management platform," said Kurt MacAlpine, CI Chief Executive Officer. "There is a strong fit between our firms given our shared focus on providing comprehensive wealth management services to clients. Additionally, the transaction will further diversify our distribution channels, as Aligned Capital is a leader in the IIROC segment."
Following the close of the acquisition, Aligned Capital will continue to be operated by its existing management team, Christopher Enright and Michael Greer. The Aligned Capital transaction, which is subject to regulatory approval, is expected to close in the third quarter of this year. Terms were not disclosed.
