CI Financial completes the acquisition of RIA Radnor Financial Advisors in Pennsylvania
TORONTO – (COMMERCIAL THREAD) –CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) today announced the completion of the acquisition of Radnor Financial Advisors (“Radnor”), a registered investment advisor based in Wayne, Pa., With assets of US $ 2.6 billion.
“We are delighted to continue to expand and enrich our US network with high quality RIAs like Radnor,” said Kurt MacAlpine, CEO of CI. “The addition of such an experienced company contributes to our goal of creating the leading wealth management platform in the United States. With a team of industry veterans dedicated to high caliber customer service, Radnor is an exemplary RIA and we are proud to welcome them to CI.
CI first announced an agreement to acquire Radnor in June 2021. Founded in 1989, Radnor serves a client base of over 300 high net worth individuals, families and senior corporate executives from its Philadelphia area office. The firm’s specialties include wealth management and executive compensation.
Since entering the U.S. RIA sector in January 2020, CI has grown into one of the nation’s fastest growing wealth hubs. With the completion of the Radnor acquisition and another pending transaction, CI’s U.S. operations will include 16 RIAs serving customers across the country, with assets totaling approximately US $ 75 billion (Cdn $ 94 billion ). CI’s total assets worldwide are expected to be approximately US $ 254 billion (C $ 317 billion).
All amounts are as of July 31, 2021.
About CI Financial
CI Financial Corp. is an independent company providing global asset management and wealth management advisory services. CI managed and advised approximately C $ 309 billion (US $ 248 billion) in client assets as of July 31, 2021. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and operates in Canadian Wealth Management through CI Assante Wealth Management (Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investment ( WealthBar Financial Services Inc.) and CI Investment Services Inc.
CI’s US wealth management businesses include Barrett Asset Management, LLC, BDF LLC, Bowling Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, Dowling & Yahnke, LLC, Doyle Wealth Management, LLC, One Capital Management, LLC, Radnor Financial Advisors, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, Segall, Bryant & Hamill, LLC, Stavis & Cohen Private Wealth, LLC and Surevest LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX. More information is available at www.cifinancial.com.
This press release contains forward-looking statements regarding anticipated future events, results, circumstances, performance or expectations regarding CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and conditions. Forward-looking statements are generally identified by words such as “believe”, “expect”, “expect”, “expect”, “anticipate”, “intend”, “estimate”, “objective”, ” 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 rather represent management’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of management. Although management believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, these statements involve risks and uncertainties. Important factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that the acquisition of Budros, Ruhlin & Roe will be completed and its asset levels will remain stable, 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, but are not limited to, general economic and market conditions including interest and exchange rates, global financial markets, changes made government regulations or tax laws, competition in the industry, technological developments and other factors described or discussed in CI’s disclosure documents filed with the relevant securities authorities from time to time. The foregoing list is not exhaustive and the reader is urged to carefully consider these and other factors and not to place undue reliance on forward-looking statements. Unless expressly required by applicable law, CI assumes no obligation to update or modify any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.