Global wealth manager CI Financial Corp. has added a Miami headquarters to support its expansion in the U.S., according to a news release today.
The Toronto-based company said its new home in the city’s Brickell district will oversee the continued development of CI Private Wealth, the brand name for CI’s U.S. platform. It will be home to CI’s U.S. operations and the primary location for its U.S. leadership team. Its executive officers will divide their time between the Miami and Toronto offices, the release said.
“Miami is an incredible place to establish our U.S. headquarters and support our fast-growing U.S. business,” Kurt MacAlpine, CEO of CI Financial, said in a statement. “It serves as the next logical step for our expansion plans as we work to build the leading high-net-worth wealth management platform in the country. In addition, Miami is a vibrant, multicultural city that offers a deep talent pool, an attractive location for recruiting and a very business-friendly environment."
Since entering the U.S. market in January 2020, CI has acquired or agreed to acquire 21 registered investment advisor firms (including affiliate acquisitions). It’s latest acquisition of Portola Partners Group LLC, a $5.2 billion Silicon Valley wealth manager, was announced just yesterday. The company’s U.S. assets have climbed to $73 billion ($92 billion in Canada). And its total assets globally have grown to $320 billion in Canada, up from $176 billion, and $254 billion in the U.S., up from $131 billion.
Miami Mayor Francis Suarez said CI is the largest financial institution to be based in South Florida. “The significance of this cannot be overstated and moves us further towards our goal to become the ’capital of capital.’ We thank Kurt MacAlpine, the board of directors, their executive team, and our own Venture Miami team for supporting their move to the city of Miami.”