RegentAtlantic Capital, a $6 billion registered investment advisor with offices in New Jersey and New York, has become the latest U.S. firm to be added to the portfolio of serial acquirer CI Financial Corp., a global wealth manager that has been snapping up RIAs in the U.S.
The acquisition, which is expected to close later this month, subject to regulatory and other customary closing conditions, pushes CI’s U.S. assets past the $100-billion mark, according to an announcement by the companies today. Financial terms were not disclosed.
Founded in 1982, RegentAtlantic serves wealthy individuals and families and institutions on the East Coast and across the U.S. from offices in Morristown, N.J., and New York City, offering a comprehensive range of wealth planning services, including financial planning and investment management, customized to the needs of each client, the release noted.
George Stapleton, CEO of RegentAtlantic, along with all partners in RegentAtlantic will become equity partners in CI Private Wealth, the private partnership that will hold CI’s U.S. wealth management business, according to the release. It also noted that as part of the deal “Fiduciary Network LLC, (FN) which first invested in RegentAtlantic in 2007, exchanged convertible indebtedness of Regent into non-convertible, unsecured, fixed-interest indebtedness of CI Financial with a term of three years, subject to early repayment rights of FN and prepayment rights of CI Financial.”
“There is an ever-growing need for quality financial advice and that presents an opportunity for firms like ours. CI Private Wealth will be the ideal partner for our team as we embark on the next phase of our growth and development,” Stapleton said in a statement. “We look forward to working with our CI Private Wealth colleagues, who represent some of America’s other leading RIAs, and are confident this collaboration will benefit our team and our clients.”
Stapleton could not be reached for additional comments.
RegentAtlantic, the announcement noted, will deepen CI’s presence on the East Coast and will be CI’s third RIA affiliate with an office in New York City. It’s also the 26th U.S. acquisition among RIA firms (including affiliate acquisitions), the company said.
“RegentAtlantic’s success stems from a disciplined wealth management process focused on the distinct needs of high-net-worth clients, an approach that has created deep client loyalty and contributed to the firm’s strong growth,” said CI CEO Kurt MacAlpine. “RegentAtlantic is a great strategic and cultural fit with the existing firms and leadership within CI Private Wealth and fully supports our vision of building the country’s leading wealth management firm.”
The Toronto-based CI, which added a Miami headquarters in October, has become one of the country’s fastest-growing national wealth management platforms since entering the U.S. RIA advisor sector in January 2020. Following the completion of all announced transactions, CI’s U.S. assets are expected to reach about $105 billion and $130 billion in Canada. Its total assets globally are anticipated to reach $291 billion in the U.S. and $360 billion in Canada.