CI Financial to buy $ 4.7 billion from RIA in Atlanta
What would you like to know
- As part of the deal, Emigrant Partners, part of New York Private Bank & Trust, sells its minority stake in Brightworth.
- With this transaction and other recent ones, the Canadian company expects to have approximately $ 55 billion in US wealth management assets.
- The Brightworth transaction is CI Financial’s 16th purchase since entering the US RIA market in January 2020.
CI Financial acquires Brightworth, an Atlanta-based registered investment advisor with approximately $ 4.7 billion in client assets.
The news comes less than a week after the Canadian financial services firm announced plans to buy Barrett Asset Management of New York, which manages $ 2.5 billion in assets.
“We are delighted that the dynamic Brightworth team has chosen to join CI,” said Kurt MacAlpine, CEO of CI, in a statement. “They… have developed teams of experts offering highly personalized services to affluent client segments such as executives, business leaders and dentists.”
Along with Brightworth and other transactions, CI Financial expects to have approximately $ 55 billion in US wealth management assets.
“We are delighted to join CI and believe we have found the ideal partner and platform to best meet the growing needs of our clients and provide better career opportunities for our employees,” said Ray Padrón, CEO of Brightworth.
“As a leading company in our region, we look forward to joining CI’s dynamic network of companies to help build a leading integrated private wealth management platform that will influence the future direction of management. heritage in North America and around the world, ”added Mr. Padrón.