CI Financial Corp., a Canadian asset management company, has reportedly purchased a majority interest in a Burlington, Ont.-based advisory firm, Aligned Capital Partners Inc. Aligned Capital Partners currently holds $10 billion in assets, with nearly 200 financial advisors in Canada.
According to the CEO of CI, Kurt MacAlpine, Aligned Capital will serve as a significant partner of the company in terms of expanding its wealth management platform. The delivery of comprehensive wealth management services to the clients remains a key focus area for both firms. Mr. MacAlpine further added that the company appreciates Aligned Capital for its substantial investments in technology to aid the advisors as well as improve the investor outcomes.
Aligned Capital’s managing director, president, & founding partner, Christopher Enright, has reportedly stated that CI’s team of experts, with a high knowledge in wealth management and investment, will favorably assist the advisors and in turn, drive the business development of Aligned Capital.
The deal, which is likely to be closed in Q3 of 2020, is subject to receiving regulatory approval. The terms of the agreement are yet to be disclosed. Following the acquisition, Aligned Capital will be operated and managed by its existing team, including Enright & Michael Greer, EVP, managing director, and founding partner.
The recent takeover fits CI Financial’s strategic priority to expand its wealth management platform. CI will further achieve cost efficiencies by offering Aligned Capital an access to the corporate services as well as through increased economies of scale in the wealth management.
After the takeover, CI Financial will hold assets of over $59 billion under the Canadian wealth management, with 1,100 advisor teams including Assante & Stonegate platforms. In addition, the company will have around $74 billion in its wealth management assets, in combination with its U.S. RIA (registered investment advisory) business that includes its 2 recent transactions. Citing an instance, CI has recently inked an agreement to acquire an Illinois-based RIA, Balasa Dinverno Foltz LLC.