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Industry Spotlight > Mergers and Acquisitions

CI Financial to Buy $2.5B RIA in New York

By Janet Levaux

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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.

“We place immense value on their team approach to client service and focus on multi-generational planning,” he continued, “and CI’s backing will allow them to continue to enhance their multi-family office services and capabilities.” 

Barrett CEO Peter Shriver added: “Our clients’ goals and needs were at the forefront of our decision to align with CI.”

Since entering the U.S. market in early 2020, CI has made 15 acquisitions. After its outstanding deals are completed, CI’s total North American wealth management assets are expected to be roughly $105 billion and its total assets should reach $212 billion.

In late January, the firm said it was buying RIA and institutional asset manager Segall Bryant & Hamill, doubling its U.S. asset base to $46 billion.

The Chicago-based RIA has about $6 billion on its wealth management platform, making it CI’s largest U.S. acquisition to date in terms of assets. Roughly $17 billion of the firm’s assets are tied to its institutional platform, which includes traditional and alternative investment strategies.

Janet Levaux

@Think_JanetL

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