Corient, the Miami-based fee-only registered investment advisor, plans to expand into Canada by taking over the businesses of its parent company, CI Financial. The RIA plans to launch in the country in June with about CA$10 billion ($7.3B) in client assets, subject to regulatory approvals.<\/p>\n
The expansion will include assets and advisors from CI Financial\u2019s previously acquired firms, Northwood Family Office and Coriel Capital, as well as select CI Private Wealth advisors, who will become Corient Partners, according to an announcement.<\/p>\n
\u201cWe see a clear gap in the Canadian market for a global independent wealth manager capable of delivering the comprehensive advice required by wealthy individuals and families\u2014including investment management, wealth strategy and family office solutions,\u201d Corient and CI Financial CEO Kurt MacAlpine said in a statement.<\/p>\n
The expansion adds to Corient\u2019s push to further expand into the U.K., the Middle East and Africa through agreements for three multi-billion-dollar acquisitions. The firm is currently working to finalize deals<\/a> with those European wealth management firms: Stonehage Fleming, Stanhope Capital Group and the Bedrock Group.<\/p>\n