Mon, Dec 5, 2022
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

CI announces plan to sell part of its US wealth business via IPO

Friday, April 08, 2022

Laxman Pai, Opalesque Asia:

CI Financial, the Canadian-based asset management firm which has been aggressively buying up registered investment advisors in the United States, plans to take its $133 billion U.S. wealth management business public.

The integrated global wealth and asset management company said in a press release that it plans to sell up to 20% of its U.S. business via an initial public offering that will be a U.S.-listed subsidiary of the publicly traded parent firm.

CI Financial will remain the majority shareholder of the unit after the offering and plans to use the proceeds to pay down debt. It intends to submit paperwork for the IPO with the U.S. securities regulator later this year.

"Since entering the U.S. wealth sector in early 2020, CI has become the country's fastest-growing wealth platform and the U.S. wealth management business has grown to become CI's largest business unit by assets," said the release.

"The growth in our U.S. wealth management business is incredible; however, in our opinion, the value we have created isn't reflected in our share price today," said Kurt MacAlpine, CI Chief Executive Officer. "After a thorough evaluation of our strategic options, we are confident that a U.S.-listed subsidiary IPO is the best route to shareholder value creation. The U.S. wealth management business now has sufficient scale to stand alone as a public company, creating an attractive, long-term destination for clients and advisors. We believe ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Marks delves into what really matters[more]

    B. G., Opalesque Geneva: Howard Marks, co-founder and co-chairman of Oaktree Capital Management, weighs what should and should not matter for investors in his latest memo last week. Among the things t

  2. Legal: British fund manager Jeremy Leach and his firms settle fraud litigation for $11.5m, DOL slams lawsuit seeking to overturn crypto guidance[more]

    British fund manager Jeremy Leach and his firms settle fraud litigation for $11.5m From Offshore Alert: Four days before a trial was due to start in the Cayman Islands, British fund manager Jeremy Leach and eight of his firms settled a fraud complaint by agreeing to pay $11.5 million o

  3. Family offices upbeat on private assets, reduce public assets exposure[more]

    Laxman Pai, Opalesque Asia: Family offices are investing more in private assets and cutting back on investments in public markets, with higher risk-adjusted returns cited as the main driver, said a study. According to the survey findings by German digital private equity firm Moonfare, and the

  4. Opalesque Exclusive: A Swiss managed futures strategy that can offer diversification to any portfolio[more]

    B. G., Opalesque Geneva for New Managers: TARO (R) Diversified is a Swiss algorithmic and systematic investment strategy that offers diversification benefits to almost any professionally managed portfolio through it

  5. Alts manager Medalist Partners acquires a minority stake in Semper Capital to tap opportunities in structured credit[more]

    Laxman Pai, Opalesque Asia: Medalist Partners, which specializes in private credit, has acquired a minority stake in Semper Capital to extend its offerings to the mass market. Medalist currently manages approximately $2.2 billion in assets across strategies in asset-based private credit, struc