Source: Wealth Adviser

CI Financial: CI Financial makes strategic investment in Congress Wealth Management

CI Financial makes strategic investment in Congress Wealth Management Submitted 27/05/2020 - 9:59am CI Financial Corp (CI) is to acquire a strategic interest in Congress, a Boston-based registered investment advisor firm with USD2.3 billion in assets under administration. Congress provides wealth management and family office services to high-net-worth individuals, families, foundations, and endowments, with an emphasis on comprehensive and customised client plans. The firm was named to the Financial Times 300 Top Registered Investment Advisors (RIAs) list of 2019, the third time in four years it has received the award. The agreement represents the further development of a collaborative partnership between CI and Congress. In February 2020, CI helped finance Congress's purchase of Domus Capital Group, LLC, of Avila Beach, California. CI is also currently backing Congress as it works to finalise another acquisition in the near future that will bring Congress's assets to over USD3 billion. "We're thrilled that CI shares our vision for growth," says Paul Lonergan, President of Congress. "By joining with a firm with a similar philosophy and client-centred approach to wealth management, we can build scale while we enhance the spectrum of services and solutions we offer. CI's financial strength and expertise in asset and wealth management are already accelerating our expansion." "Congress is a highly successful firm with experienced leadership, a commitment to continued growth, dedication to client success, and a presence in some of the most attractive markets in the US - making it an excellent partner for CI as we build our US wealth management business," said Kurt MacAlpine, CI Chief Executive Officer. "I am excited to work with Paul and his team as we collectively grow our RIA business." This transaction, which is expected to close early in the third quarter of 2020, solves succession planning for Congress employees and shareholders. Terms were not disclosed. The partnership with Congress is the latest step in CI's initiative to build a growing US wealth management business through the acquisition of select RIAs. This initiative supports two of CI's three strategic priorities - globalising the company and expanding its wealth management platform. CI's other strategic priority is to modernise its asset management business. "The RIA sector is the fastest-growing segment in US wealth management and Congress's location in Boston, a centre for the technology, health, finance and education industries, holds additional growth potential," says MacAlpine. "This investment also allows us to provide our Canadian clients with cross-border wealth services, another benefit of our RIA strategy." To date, CI has acquired majority interests in Surevest, LLC, of Phoenix and One Capital Management, LLC, of Westlake Village, California, and reached an agreement to make a strategic investment in The Cabana Group, LLC, of Fayetteville, Arkansas. The four RIAs will have a total of USD6.6 billion in assets. "CI has now become the most active acquirer in the US RIA space in both the number of acquisitions and their dollar value," says MacAlpine. "CI's value proposition of providing permanent capital and commitment to a business model based on comprehensive wealth planning resonates with RIA business owners. We expect this momentum to continue and to accelerate as our platform continues to grow and our brand awareness in the US becomes mainstream." Tags Deals & Transactions Investments Wealth

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