|
Laxman Pai, Opalesque Asia: Canadian-based asset and wealth manager CI Financial announced plans to acquire a majority stake in Chicago-based Segall Bryant & Hamill (SBH), a high-net-worth registered investment advisor (RIA) and institutional asset manager with US$23 billion in assets.
Terms of the deal were not disclosed. Once the deal is closed the addition of SBH is expected to double CI's total U.S.-based assets under management to $46.1 billion.
The acquisition is CI Financial's 14th deal since January 2020, bringing its total North American wealth management assets are expected to be approximately US$82 billion, and total assets are expected to reach approximately US$205 billion.
"Acquiring Segall Bryant & Hamill is a major step forward as we continue our U.S. expansion," CI Financial CEO Kurt MacAlpine said in a statement.
"SBH has built an incredible business and formed a committed team that embodies the characteristics we look for in our acquisitions. SBH has also displayed a proven ability to adapt to changing market dynamics to deliver a consistently superior level of client service and investment performance through deep fundamental research. I am pleased to announce that the SBH team will remain intact and be a key driver of CI's growth in the U.S," Kurt added.
Founded in 1994, SBH has $23.1 billion in AUM and has offices in Chicago, Denver, Philadelphia, St. Louis, and Naples, Fla.
In addition to SBH's wealth management business, it also h...................... To view our full article Click here
|
RSS
