CI Financial to Acquire Gofen and Glossberg, a US$7.Five-Billion Chicago-Based RIA Serving High-Net-Worth Families


Acquisition increases CI’s U.S. Assets to US$ninety five billion and deepens its Chicago presence

CI Financial Corp. (“CI”) (TSX:CIX; NYSE:CIXX) and Gofen and Glossberg, LLC (“Gofen”) nowadays announced an agreement below which CI will gather Gofen, a US$7.Five-billion wealth and funding control organisation that offers customized investment answers and tailored making plans answers to in general excessive-internet-truly well worth families.

“Gofen is an exemplary wealth and investment control firm that has added exceptional carrier on the grounds that its founding in 1932,” said Kurt MacAlpine, CI Chief Executive Officer. “Gofen’s dedicated crew, tenured purchaser relationships and interest to customization spotlight their preference to go above and past. This is precisely the kind of firm CI seems to add to its growing CI Private Wealth organization.”

CI Financial to Acquire Gofen and Glossberg, a US$7.5-Billion Chicago-Based RIA Serving

Throughout its lengthy history, Gofen has excelled at handing over white-glove-level investment and monetary making plans services. The company’s custom designed technique to constructing particular portfolios for every patron has ended in lengthy-tenured customers. By combining this individualized technique with in-intensity investment studies, Gofen has developed an high-quality wealth and funding management exercise, led by way of the company’s government committee of James Borovsky, Charles Gofen, Peter Kupferberg and Michael Stelmacki. Gofen is also ranked on each the Barron’s 2021 list of Top one hundred RIA Firms in the United States and the CNBC Financial Advisor a hundred listing.

“As a company with a records of ninety years, the selection to enroll in with CI changed into no longer taken gently,” remarked Peter Kupferberg, a Gofen Principal. “However, we could not be greater assured on this partnership, given the shared cultural and strategic vision of our corporations. We are excited to enroll in CI and eager to paintings collectively to extend and beautify the excessive level of service that helped construct our recognition.”

“In CI Private Wealth, CI has built an excellent and compelling platform that consists of top-tier wealth management companies across the us of a,” stated Charles Gofen, a Gofen Principal. “We look forward to collaborating with our new colleagues and are confident that the sharing of understanding and expertise will significantly advantage our exercise and our clients.”

Gofen could be CI’s third Chicago-primarily based RIA acquisition and could extensively increase CI’s presence inside the broader Midwest as nicely. With the ultimate of this and different currently introduced transactions, CI’s belongings in its U.S. Wealth management business are anticipated to attain about US$95 billion (C$121 billion), at the same time as its total assets globally are predicted to reach about US$271 billion (C$344 billion). 

This transaction is anticipated to shut later this region, difficulty to regulatory and different customary ultimate situations. Cambridge International Partners LLC served as advisors to Gofen and legal advice turned into provided by means of Katz Teller. CI become cautioned by means of Hogan Lovells US LLP. Financial phrases were no longer disclosed.

CI Financial to Acquire Gofen and Glossberg

About CI Financial 

CI Financial Corp. Is an independent employer offering worldwide asset management and wealth control advisory offerings. CI controlled and advised on about C$320.Four billion (US$252.7 billion) in patron assets as at September 30, 2021. CI’s primary asset control companies are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates in Canadian wealth control through CI Assante Wealth Management (Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.), and CI Investment Services Inc.

Barron’s RIA scores are meant to shine a highlight on the nation’s great wealth managers and raise requirements inside the industry. Firms that want to be ranked fill out a 102-question survey about their exercise. Barron’s verifies that statistics and applies its ratings formula to the records to generate a rating, based totally on property, sales and first-rate of exercise. For greater facts, see Barron’s technique. The CNBC FA one hundred recognizes those advisory companies that fine assist clients navigate their financial lives. The methodology for the 2021 edition of CNBC’s annual FA a hundred ranking of registered funding advisors turned into prepared in partnership with statistics company AccuPoint Solutions. A variety of middle information factors from AccuPoint Solutions’ database of RIAs were analyzed, starting from the firm’s compliance file and years in enterprise to general money owed and belongings under management. For more statistics, go to CNBC.

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 cloth elements and assumptions carried out in achieving the conclusions contained in these ahead-searching statements include that the acquisitions of Gofen, R.H. Bluestein & Co. And McCutchen Group LLC will be completed and their asset degrees will remain strong, that the funding fund industry will stay strong and that hobby quotes will remain quite stable. Factors that might reason real effects to vary materially from expectancies encompass, amongst other things, trendy financial and market conditions, which include hobby and forex charges, worldwide monetary markets, modifications in government rules or in tax legal guidelines, industry opposition, technological tendencies and different elements defined or mentioned in CI’s disclosure materials filed with applicable securities regulatory authorities now and again. The foregoing list is not exhaustive and the reader is cautioned to consider those and other factors carefully and now not to place undue reliance on ahead-looking statements. Other than as specifically required through relevant regulation, CI undertakes no responsibility to replace or modify any forward-searching statement after the date on which it is made, whether to reflect new facts, destiny activities or otherwise.

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