CI Financial to Acquire Ultra-High-Net-Worth Wealth Manager Coriel Capital

CI continues to expand and enhance its services for affluent investors

CI Financial Corp. (“CI”) (TSX: CIX) and Coriel Capital Inc. (“Coriel”) today announced an agreement under which CI will acquire Coriel, a Montreal-based wealth management firm.

Coriel, a firm founded and led by women, operates as a “Chief Investment Officer” for ultra-high-net-worth families, helping them navigate complex financial decisions and ensuring their investments effectively support their goals and are fully integrated into their overall financial plans. Coriel manages approximately $1.3 billion in client assets (as at June 30, 2023).

“Coriel’s experience, strong performance and service offering have generated excellent growth and we’re pleased to welcome this accomplished team to CI,” said Kurt MacAlpine, CI Chief Executive Officer.

“The addition of Coriel expands CI’s presence in the ultra-high-net-worth market, where we are working to build the country’s premier platform to meet this group’s complex requirements. Coriel’s distinct offering is a strong complement to our successful CI Private Wealth and Northwood Family Office businesses.”

Coriel was founded in 2006 by investment industry veterans Gisele Wilson and Alexandra Ryan to bring an unbiased, institutional approach to investing for ultra-high-net-worth clients.

“As we evaluated alternatives, it quickly became clear that CI was the ideal strategic partner for our firm and the right choice for our clients,” said Ms. Wilson, Coriel Co-Founder and Partner. “CI understands the needs of ultra-affluent investors and excels at delivering a personalized, boutique experience augmented by the resources of a large company. We expect this relationship to accelerate our growth and enhance our capabilities and the services we offer to our clients.”

Coriel’s investment team, led by Ms. Wilson, Ms. Ryan and partner Marjorie Skolnik, has over 90 years of combined industry experience, including senior roles at leading institutional investment management firms, investment consultants and other financial institutions.

Following the completion of the transaction, CI’s Canadian wealth management assets will total approximately $83.9 billion¹. The platform serves the full spectrum of advice channels and client complexity, from do-it-yourself investors to the ultra-affluent.

The transaction is expected to close in the fourth quarter of this year. Blair Franklin Capital Partners Inc. served as financial advisor to Coriel and Davies Ward Phillips & Vineberg LLP was legal advisor. CI’s legal advisor was Blake, Cassels & Graydon LLP.

About CI Financial

CI Financial Corp. is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. Founded in 1965, CI has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning, and a comprehensive product suite. CI manages and advises on approximately $398.9 billion in client assets (as at June 30, 2023).

CI operates in three segments:

• Asset Management, which includes CI Global Asset Management, which operates in Canada, and GSFM Pty Ltd., which operates in Australia.
• Canadian Wealth Management, which includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth, Northwood Family Office, CI Direct Investing and CI Investment Services.
• U.S. Wealth Management, which includes Corient Private Wealth LLC, an integrated wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States.

CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit CI’s website or LinkedIn page.

1. Based on CI’s reported assets as at June 30, 2023.

CI Global Asset Management is a registered business name of CI Investments Inc., a wholly owned subsidiary of CI Financial Corp.

This press release contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and condition. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar references to future periods, or conditional verbs such as “will”, “may”, “should”, “could” or “would”. These statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management’s control. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that the acquisition of Coriel will be completed and that asset levels will remain stable. The foregoing list is not exhaustive and the reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, CI undertakes no obligation to update or alter any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230810143094/en/