CI Financial powers OCM Capital Partners’ acquisition of registered investment advisor Thousand Oaks Financial
WESTLAKE VILLAGE, California (July 30, 2020) – OCM Capital Partners LLC (“OCP”), a subsidiary of CI Financial Corp. (TSX: CIX) (“CI”) of Toronto, announced today that it has reached an agreement to acquire Thousand Oaks Financial Corporation, a registered investment advisor firm based in Thousand Oaks, California operating under the name Professional Planning.
Professional Planning offers financial planning and wealth management services and has approximately US$440 million in assets under management (as at June 30, 2020). Professional Planning’s financial advisor team will integrate into the One Capital Management (“OCM”) advisory team.
“This arrangement provides continuity for Professional Planning’s clients while giving them and their advisors access to the additional services and support of a larger firm,” said Patrick Bowen, OCM President.
Professional Planning was founded by Melvyn Nachman in 1973 and its advisors have an average of 30 years of experience.
“There are many advisors in our industry who are nearing retirement but remain highly committed to their clients,” Mr. Bowen noted. “As a growth-minded company, One Capital is pleased to partner with these advisors, offering them a gradual transition and long-term stability for their clients. With the support of CI and its resources, we are a highly credible and compelling solution for these firms.”
CI purchased a majority interest in OCM earlier this year as part of a strategy to build a growing wealth management business in the U.S. through the acquisition of select registered investment advisor (“RIA”) firms across the nation.
“CI is partnering with high-quality RIAs with experienced leaders who want to grow their businesses,” said Kurt MacAlpine, Chief Executive Officer of CI. “One Capital’s acquisition of Professional Planning illustrates the advantages of this model. Our RIAs drive growth in the markets they know best while together we deliver industry-leading, client-focused wealth management services.”
To date, CI has acquired or agreed to acquire interests in four RIAs with combined total assets of US$6.0 billion (as at June 30, 2020).
Professional Planning’s operations include a specialization in meeting the planning needs of professional animators, a strong fit with OCM’s practice serving members of the sports and entertainment industries, Mr. Bowen noted.
The transaction is expected to close in September 2020. Terms were not disclosed.
About One Capital Management
One Capital Management, a registered investment advisor managing approximately US$1.9 billion in client assets as at June 30, 2020, is a wholly owned subsidiary of OCM Capital Partners LLC. It offers expertise in investment management and advanced wealth planning, including specializations focused on the needs of professional athletes, entertainers and first responders. One Capital’s services include robust cross-border wealth management services. CI Financial holds a majority stake in the One Capital Management through its majority interest in OCM Capital Partners LLC. For more information, visit www.onecapital.com.
About CI Financial
CI Financial Corp. (TSX: CIX) is an independent company offering global asset management and wealth management advisory services. CI held approximately $179 billion in fee-earning assets as of June 30, 2020. CI’s primary asset management businesses are CI Investments Inc. and GSFM Pty Ltd., and it operates in wealth management through Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, WealthBar Financial Services Inc., BBS Securities Inc., The Cabana Group, LLC, Congress Wealth Management, One Capital Management, LLC and Surevest LLC. Further information is available at www.cifinancial.com.
All financial amounts in Canadian dollars unless otherwise specified.
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 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.
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