What You Need to Know
- As part of the deal, Emigrant Partners, part of New York Private Bank & Trust, is selling its minority interest in Brightworth.
- With this and other recent deals, the Canadian firm expects to have about $55 billion in U.S. wealth management assets.
- The Brightworth transaction is CI Financial’s 16th purchase since entering the U.S. RIA market in January 2020.
CI Financial is acquiring Brightworth, an Atlanta-based registered investment advisor with about $4.7 billion in client assets.
The news comes less than a week after the Canadian financial services firm said it planned to purchase Barrett Asset Management of New York, which manages $2.5 billion in assets.
“We’re thrilled that the dynamic team at Brightworth has chosen to join CI,” Kurt MacAlpine, CEO of CI, said in a statement. “They … have developed expert teams offering highly tailored services to affluent client segments such as executives, business owners and dentists.”
With Brightworth and other deals, CI Financial expects to have about $55 billion in U.S. wealth management assets.
“We are excited to join CI and believe we have found the ideal partner and platform to best serve our clients’ growing needs and provide greater professional opportunities for our employees,” according to Brightworth CEO Ray Padrón.
“As a leading firm in our region, we look forward to joining CI’s dynamic network of firms to help build a leading integrated private wealth platform that will influence the future direction of wealth management in North America and globally,” Padrón added.