Asset and wealth management company CI Financial has agreed to acquire ultra-high-net-worth wealth manager Coriel Capital.
Established in 2006 by Gisele Wilson and Alexandra Ryan, Coriel Capital is a registered portfolio manager that offers outsourced chief investment officer services to high-net-worth families in Canada.
Based in Montreal, the firm supports its clients to navigate complex financial decisions.
Coriel Capital also ensures that its clients’ investments effectively support their goals and are fully integrated into their overall financial plans.
The firm manages nearly $1.3bn in client assets.
Wilson said: “As we evaluated alternatives, it quickly became clear that CI was the ideal strategic partner for our firm and the right choice for our clients.
“CI understands the needs of ultra-affluent investors and excels at delivering a personalised, boutique experience augmented by the resources of a large company. We expect this relationship to accelerate our growth and enhance our capabilities and the services we offer to our clients.”
Headquartered in Canada, CI Financial operates in three segments, namely asset management, Canadian wealth management and US wealth management.
Upon the closing of the acquisition, the publicly listed company’s Canadian wealth management assets will total nearly $83.9bn.
The firm, which was founded in 1965, claims to have developed world-class portfolio management talent, comprehensive capabilities in all aspects of wealth planning and an extensive product suite.
Besides, CI Financial’s Canadian wealth management platform serves the complete range of advice channels and client complexity, from do-it-yourself investors to the ultra-affluent.
CI Financial CEO Kurt MacAlpine said: “The addition of Coriel expands CI’s presence in the ultra-high-net-worth market, where we are working to build the country’s premier platform to meet this group’s complex requirements.
”Coriel’s distinct offering is a strong complement to our successful CI Private Wealth and Northwood Family Office businesses.”
The transaction is anticipated to be complete in Q4 2023.
