What You Need to Know
- Since entering the U.S. market in early 2020, Canada-based CI has made 15 acquisitions.
- Outstanding deals are expected to bring CI's wealth management assets to $212 billion, including $50 billion in the U.S.
- Barrett Asset Management has $2.5 billion in AUM and will be CI's second acquisition in New York.
CI Financial has struck a deal to buy RIA Barrett Asset Management, which is based in New York and manages $2.5 billion in assets.
When the transaction is wrapped up, Toronto-based CI says it should have about $50 billion in wealth management assets in the United States.
The Barrett acquisition is CI’s second purchase of a registered investment advisory firm in New York, where it will soon have assets of $5.5 billion. Barrett has been in business since 1937.
“We look forward to working with the dedicated and experienced Barrett team and helping them build on their success,” said CI CEO Kurt MacAlpine in a statement.