CI Financial continues acquisition spree with purchase of Toronto wealth manager Northwood [Toronto Globe and Mail (Ontario, Canada)]
CI Financial Corp. Common Shares (CIXX)
Company Research
Source: Toronto Globe and Mail
CI Financial is continuing its rampant acquisition spree of wealth managers but this time on home soil with the purchase of Toronto-based Northwood Family Office Ltd., an ultra high net worth multifamily office. The financial services giant, which manages about $338-billion in total assets globally, has been snapping up registered investment advisers, or RIA firms, in the United States at a furious pace, acquiring more than 23 since January, 2020. But on Tuesday, the company announced a Canadian deal that will see Northwood add $2.2-billion in investment assets to CI’s Canadian private wealth business, which currently manages about $81-billion. “With the addition of one of Canada’s leading family offices, CI can now seamlessly serve the entire spectrum of wealth management, from beginning investors to the nation’s wealthiest families,” CI CEO Kurt MacAlpine, said in a statement. The deal is expected to close in the second quarter of 2022, and financial terms were not disclosed. CI has
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