{"id":456029,"date":"2021-03-11T09:16:03","date_gmt":"2021-03-11T14:16:03","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=456029"},"modified":"2021-03-11T09:16:03","modified_gmt":"2021-03-11T14:16:03","slug":"ci-financial-to-acquire-new-york-based-ria-barrett-asset-management","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/","title":{"rendered":"CI Financial to Acquire New York-Based RIA Barrett Asset Management"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwpagebreakafter { page-break-after: always }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>CI Financial to Acquire New York-Based RIA Barrett Asset Management<\/b><\/p>\n<p class=\"bwalignc\"><b><i>CI\u2019s U.S. assets to reach $50 billion<\/i><\/b><\/p>\n<p>TORONTO &amp; NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cifinancial.com%2F&amp;esheet=52394660&amp;newsitemid=20210311005611&amp;lan=en-US&amp;anchor=CI+Financial+Corp.&amp;index=1&amp;md5=704de95ca36adfcde8ee1dbf5128587e\">CI Financial Corp.<\/a> (\u201cCI\u201d) (TSX: CIX; NYSE: CIXX), a diversified global asset and wealth management company, today announced an agreement to acquire <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.barrettasset.com%2F&amp;esheet=52394660&amp;newsitemid=20210311005611&amp;lan=en-US&amp;anchor=Barrett+Asset+Management%2C+LLC&amp;index=2&amp;md5=666519c5ef07102c5811f7ae8d5774e3\">Barrett Asset Management, LLC<\/a> (\u201cBarrett\u201d), a New York-based registered investment advisor (\u201cRIA\u201d) with wealth and investment management capabilities catering primarily to high-net-worth and ultra-high-net-worth individuals and families.\n<\/p>\n<p>\nBarrett brings US$2.5 billion<sup>1<\/sup> in assets to CI\u2019s fast-growing U.S. wealth management footprint. Once the transaction is completed, CI is expected to have approximately US$50 billion in U.S. assets and total assets of US$212 billion<sup>2<\/sup>. Barrett represents CI\u2019s second RIA in New York and expands CI\u2019s scale in the world\u2019s largest financial center to more than US$5.5 billion.\n<\/p>\n<p>\nThe acquisition exemplifies CI Chief Executive Officer Kurt MacAlpine\u2019s mission to expand wealth management and globalize the company by teaming with strong U.S. wealth management businesses with committed management teams, aligned cultures and a shared vision for the future of the industry.\n<\/p>\n<p>\n\u201cWe look forward to working with the dedicated and experienced Barrett team and helping them build on their success,\u201d said Mr. MacAlpine. \u201cSince 1937, Barrett has been delivering superior service to its clientele, which includes families, trusts and charitable organizations. We place immense value on their team approach to client service and focus on multi-generational planning, and CI\u2019s backing will allow them to continue to enhance their multi-family office services and capabilities.\u201d\n<\/p>\n<p>\nBarrett offers an array of high-touch services tailored to each client, including wealth planning and investment management. The firm\u2019s portfolio management expertise includes the management of two in-house mutual funds. Barrett has received notable industry recognition from respected outlets such as <i>Bloomberg<\/i>, <i>Investment News<\/i> and <i>Financial Times<\/i> for their advisory services.\n<\/p>\n<p>\n\u201cOur firm has always been guided by the principle that the client comes first,\u201d said Peter Shriver, CFA, Chief Executive Officer of Barrett. \u201cOur clients\u2019 goals and needs were at the forefront of our decision to align with CI. Partnering with CI provides continuity for our clients and our firm as we develop our next generation of leaders. It will enable us to continue providing the incredible level of service we are known for, while gaining resources and capabilities that will benefit our clients and drive their success.\u201d\n<\/p>\n<p>\nSince entering the U.S. market in January 2020, CI has become one of the industry\u2019s fastest-growing RIA platforms, with 15 acquisitions (including transactions by affiliated RIAs). Following the completion of all outstanding transactions, CI\u2019s total North American wealth management assets are expected to be approximately US$105 billion (C$133 billion) and total assets are expected to reach US$212 billion (C$270 billion).<sup>2<\/sup><\/p>\n<p>\nCambridge International Partners LLC served as the exclusive financial advisor to Barrett. This transaction is expected to close in the second quarter of 2021, subject to regulatory, and other customary closing conditions.\n<\/p>\n<div class=\"bwpagebreakafter\" \/>\n<p><b>About Barrett Asset Management <\/b><\/p>\n<p>\nSince 1937, Barrett Asset Management, LLC has been putting its clients first, working to help each of them achieve their goals and aspirations. Barrett is an independent investment management firm focused on the growth and preservation of wealth for individuals, families, trusts and nonprofit institutions. The firm tailors each investment portfolio based on a client\u2019s objectives for income and growth through suitable asset allocation and individual investment selections. Barrett is a New York-based firm with more than $2.5 billion under management as of February 28, 2021. To learn more about Barrett, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.barrettasset.com&amp;esheet=52394660&amp;newsitemid=20210311005611&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.barrettasset.com&amp;index=3&amp;md5=3942fe1da864154e4fbde6efd3d8e3cc\">http:\/\/www.barrettasset.com<\/a>.<b \/><\/p>\n<p><b>About CI Financial<\/b><\/p>\n<p>\nCI Financial Corp. is an independent company offering global asset management and wealth management advisory services. CI managed and advised on approximately C$236.5 billion (US$185.7 billion) in client assets as at February 28, 2021. CI\u2019s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates in Canadian wealth management through 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.\n<\/p>\n<p>\nCI\u2019s U.S. wealth management businesses consist of BDF LLC, Bowling Portfolio Management LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, Doyle Wealth Management, LLC, One Capital Management, LLC, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, Stavis &amp; Cohen Private Wealth, LLC and Surevest, LLC.\n<\/p>\n<p>\nCI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX. Further information is available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cifinancial.com&amp;esheet=52394660&amp;newsitemid=20210311005611&amp;lan=en-US&amp;anchor=www.cifinancial.com&amp;index=4&amp;md5=bdf25d43043fed9d983e312c7f8c3f18\">www.cifinancial.com<\/a>.\n<\/p>\n<p><i><sup>1<\/sup> As at February 28, 2021.<br \/>\n<\/i><br \/><i><sup>2 <\/sup>Projections based on asset levels as at February 28, 2021 and assume the completion of transactions with Barrett and Segall Bryant &amp; Hamill, LLC (\u201cSBH\u201d) of Chicago. <\/i><\/p>\n<p><i>This press release contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI Financial Corp. (\u201cCI\u201d) 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 \u201cbelieve\u201d, \u201cexpect\u201d, \u201cforesee\u201d, \u201cforecast\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cestimate\u201d, \u201cgoal\u201d, \u201cplan\u201d and \u201cproject\u201d and similar references to future periods, or conditional verbs such as \u201cwill\u201d, \u201cmay\u201d, \u201cshould\u201d, \u201ccould\u201d or \u201cwould\u201d. 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\u2019s 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 material factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that the acquisitions of Barrett and SBH will be completed and their 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, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI\u2019s disclosure materials filed with applicable securities regulatory authorities from time to time. The foregoing list is not exhaustive and the reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, CI undertakes no obligation to update or alter any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.<\/i><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210311005611r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210311005611\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210311005611\/en\/<\/a><\/span><\/p>\n<p><b>Investor Relations<br \/>\n<\/b><br \/>Jason Weyeneth, CFA<br \/>\n<br \/>Vice-President, Investor Relations &amp; Strategy<br \/>\n<br \/>416-681-8779<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:jweyeneth@ci.com\">jweyeneth@ci.com<\/a><\/p>\n<p><b>Media Relations<br \/>\n<\/b><br \/><b>United States<br \/>\n<\/b><br \/>Trevor Davis, Gregory FCA for CI Financial<br \/>\n<br \/>443-248-0359<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:cifinancial@gregoryfca.com\">cifinancial@gregoryfca.com<\/a><\/p>\n<p><b>Canada<br \/>\n<\/b><br \/>Murray Oxby<br \/>\n<br \/>Vice-President, Corporate Communications<br \/>\n<br \/>416-681-3254<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:moxby@ci.com\">moxby@ci.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Canada New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Other Professional Services Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210311005611\/en\/838798\/3\/CI-F_-_RGB_E.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>CI Financial to Acquire New York-Based RIA Barrett Asset Management CI\u2019s U.S. assets to reach $50 billion TORONTO &amp; NEW YORK&#8211;(BUSINESS WIRE)&#8211;CI Financial Corp. (\u201cCI\u201d) (TSX: CIX; NYSE: CIXX), a diversified global asset and wealth management company, today announced an agreement to acquire Barrett Asset Management, LLC (\u201cBarrett\u201d), a New York-based registered investment advisor (\u201cRIA\u201d) with wealth and investment management capabilities catering primarily to high-net-worth and ultra-high-net-worth individuals and families. Barrett brings US$2.5 billion1 in assets to CI\u2019s fast-growing U.S. wealth management footprint. Once the transaction is completed, CI is expected to have approximately US$50 billion in U.S. assets and total assets of US$212 billion2. Barrett represents CI\u2019s second RIA in New York and expands CI\u2019s scale in the world\u2019s &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;CI Financial to Acquire New York-Based RIA Barrett Asset Management&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-456029","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CI Financial to Acquire New York-Based RIA Barrett Asset Management - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CI Financial to Acquire New York-Based RIA Barrett Asset Management - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CI Financial to Acquire New York-Based RIA Barrett Asset Management CI\u2019s U.S. assets to reach $50 billion TORONTO &amp; NEW YORK&#8211;(BUSINESS WIRE)&#8211;CI Financial Corp. (\u201cCI\u201d) (TSX: CIX; NYSE: CIXX), a diversified global asset and wealth management company, today announced an agreement to acquire Barrett Asset Management, LLC (\u201cBarrett\u201d), a New York-based registered investment advisor (\u201cRIA\u201d) with wealth and investment management capabilities catering primarily to high-net-worth and ultra-high-net-worth individuals and families. Barrett brings US$2.5 billion1 in assets to CI\u2019s fast-growing U.S. wealth management footprint. Once the transaction is completed, CI is expected to have approximately US$50 billion in U.S. assets and total assets of US$212 billion2. Barrett represents CI\u2019s second RIA in New York and expands CI\u2019s scale in the world\u2019s &hellip; Continue reading &quot;CI Financial to Acquire New York-Based RIA Barrett Asset Management&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-11T14:16:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210311005611r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"CI Financial to Acquire New York-Based RIA Barrett Asset Management\",\"datePublished\":\"2021-03-11T14:16:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\\\/\"},\"wordCount\":1154,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20210311005611r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\\\/\",\"name\":\"CI Financial to Acquire New York-Based RIA Barrett Asset Management - 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(\u201cCI\u201d) (TSX: CIX; NYSE: CIXX), a diversified global asset and wealth management company, today announced an agreement to acquire Barrett Asset Management, LLC (\u201cBarrett\u201d), a New York-based registered investment advisor (\u201cRIA\u201d) with wealth and investment management capabilities catering primarily to high-net-worth and ultra-high-net-worth individuals and families. Barrett brings US$2.5 billion1 in assets to CI\u2019s fast-growing U.S. wealth management footprint. Once the transaction is completed, CI is expected to have approximately US$50 billion in U.S. assets and total assets of US$212 billion2. Barrett represents CI\u2019s second RIA in New York and expands CI\u2019s scale in the world\u2019s &hellip; Continue reading \"CI Financial to Acquire New York-Based RIA Barrett Asset Management\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-11T14:16:03+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210311005611r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"CI Financial to Acquire New York-Based RIA Barrett Asset Management","datePublished":"2021-03-11T14:16:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/"},"wordCount":1154,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210311005611r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/ci-financial-to-acquire-new-york-based-ria-barrett-asset-management\/","name":"CI Financial to Acquire New York-Based RIA Barrett Asset Management - 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