MIAMI & TORONTO & CHICAGO–(BUSINESS WIRE)–CI Private Wealth, a division of CI Financial Corp. (TSX: CIX, NYSE: CIXX), today announced it has acquired Matrix Capital Advisors, LLC, a Chicago-based registered investment advisor.
Matrix has been serving high-net-worth clients for more than 20 years and oversees US$615 million in assets. Matrix features a close-knit team of seasoned professionals led by Managing Directors Christopher Burke and Michael Wik. The personal relationships that Matrix forges with each client are a key aspect of the firm’s success, and its client-centric philosophy perfectly aligns with CI’s vision for its CI Private Wealth brand.
“We are excited to welcome another exceptional firm in Matrix Capital Advisors to CI Private Wealth,” said Kurt MacAlpine, CI Chief Executive Officer. “For two decades, Matrix has provided best-in-class service to high-net-worth clients in the greater Chicago area, building deep and meaningful relationships through a personal and customized approach. As part of CI Private Wealth, the Matrix team will continue to comprehensively serve their clients while taking advantage of the additional resources that CI can provide as a global firm.”
“CI was a natural choice for our firm and our clients, given the company’s long experience in asset management and wealth management, scale and dedication to building a national, client-focused private wealth company,” said Mr. Burke. “By combining with CI Private Wealth, we will benefit from CI’s capabilities and support in all aspects of the business, allowing us to further enhance the service and attention we provide to our clients.”
Cambridge International Partners LLC served as advisors to Matrix. CI was advised by Hogan Lovells US LLP. Financial terms were not disclosed.
CI also announced today that it has completed the previously announced acquisition of registered investment advisor McCutchen Group LLC (“McCutchen”) of Seattle. McCutchen, which manages US$3.4 billion in assets, provides comprehensive financial advisory services ranging from investment management to tax, charitable and estate planning, as well as family office services, to high-net-worth and ultra-high-net-worth clients in the Pacific Northwest and across the U.S. McCutchen is led by Matt McCutchen, the firm’s Founder and Chief Executive Officer.
These transactions add approximately US$4.0 billion in assets to CI’s U.S. wealth management business, bringing the total to approximately US$86.6 billion (C$107.3 billion). When all outstanding transactions are completed, CI’s U.S. wealth management assets are expected to be approximately US$98.2 billion (C$121.7 billion), with total assets globally reaching approximately US$283.4 billion (C$351.1 billion).
Asset amounts are as at October 31, 2021.
About CI Financial
CI Financial Corp. is an independent company offering global asset management and wealth management advisory services. CI managed and advised on approximately C$331.8 billion (US$267.8 billion) in client assets as at October 31, 2021. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it 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 Investing (WealthBar Financial Services Inc.), and CI Investment Services Inc.
CI’s U.S. wealth management businesses consist of Barrett Asset Management, LLC, BDF LLC, Budros, Ruhlin & Roe, Inc., Bowling Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, Dowling & Yahnke, LLC, Doyle Wealth Management, LLC, Matrix Capital Advisors, LLC, McCutchen Group LLC, One Capital Management, LLC, Portola Partners Group LLC, Radnor Financial Advisors, LLC, 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. Further information is available at www.cifinancial.com.
