CI Financial applies for NYSE listing as U.S. wealth strategy gains momentum

TORONTO (November 5, 2020) – CI Financial Corp. (“CI”) (TSX: CIX), one of Canada’s largest investment and wealth management companies, announced today that it has applied to list its common shares on the New York Stock Exchange (the “NYSE“).

 

“The timing for this listing makes sense, given the rapid growth in our U.S. wealth management business,” said Chief Executive Officer Kurt MacAlpine. “As we continue to execute on our strategic priority to globalize our company, listing CI’s common shares on the NYSE will broaden our investor base and increase our corporate profile in the U.S. market.

 

“It will also support the continued acquisition of U.S. wealth management firms by allowing us to offer CI Financial stock as part of the purchase price, an attractive option for many sellers,” Mr. MacAlpine said.   

 

CI is building its U.S. wealth management presence through the acquisition of quality businesses in the expanding U.S. registered investment advisor (RIA) sector. Since entering the U.S. market in February 2020, CI has become one of the fastest-growing RIA platforms, acquiring US$13 billion in assets through 10 acquisitions (seven direct purchases and three indirect transactions made by the affiliated RIAs) as at November 5, 2020. CI is actively seeking further acquisitions to grow this business.

 

In connection with the intended listing on the NYSE, the Company has filed a registration statement on Form 40-F (the “Registration Statement”) with the United States Securities and Exchange Commission (the “SEC“). Any listing of CI’s common shares on the NYSE will be subject to the SEC declaring the Registration Statement effective and CI attaining the approval of the NYSE and the satisfaction of all applicable listing and regulatory requirements. CI cannot provide any assurance that it will be successful in achieving a listing of its common shares on the NYSE.

 

CI’s RIA holdings include agreements to acquire Bowling Portfolio Management LLC of Cincinnati, Ohio, and Stavis & Cohen Financial LLC of Houston, Texas. It also has ownership interests in:

  • Balasa Dinverno Foltz LLC of Itasca, Illinois
  • The Cabana Group, LLC, of Fayetteville, Arkansas
  • Congress Wealth Management, LLC of Boston, Massachusetts
  • One Capital Management, LLC, of Westlake Village, California
  • Surevest, LLC, of Phoenix, Arizona.

 

About CI Financial

 

CI Financial Corp. (TSX: CIX) is an independent company offering global asset management and wealth management advisory services with approximately $202 billion in assets as at October 31, 2020. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates in wealth management through Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.), CI Investment Services Inc., Balasa Dinverno Foltz LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, One Capital Management, LLC and Surevest LLC. Further information is available at www.cifinancial.com.

 

All financial amounts in Canadian dollars unless otherwise specified.

 

CI Global Asset Management is a registered business name of CI Investments Inc.

 

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”. Forward-looking statements in this press release include statements about CI’s globalization and acquisition strategies, the potential listing of CI’s common shares on the NYSE, the satisfaction of any conditions relating thereto and the potential impact thereof on CI’s investor base, corporate profile and acquisition strategy. These statements and other forward-looking 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 investment fund industry will remain stable and that interest rates will remain relatively stable.  Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI’s disclosure materials filed with applicable securities regulatory authorities from time to time. 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.

 

For further information:

CI Financial – Canada

Murray Oxby

Vice-President, Communications

416-681-3254

moxby@ci.com

 

Investor Relations

CI Financial Corp.

(416) 364-1145

investorrelations@ci.com

 

United States

Trevor Davis, Gregory FCA for CI Financial
610-415-5931
cifinancial@gregoryfca.com

 

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