CI Financial, headquartered in Toronto, has agreed to acquire Corient Capital Partners LLC, a Newport Beach, Calif.-based wealth management firm overseeing $5 billion in client assets for ultra-high-net-worth individuals and families across the U.S.A., the company announced.
Founded in 2015, Corient combines a holistic advisory model with an alternative investments platform designed to meet client needs in all areas of wealth and investment management, the release said. The firm has 24 full-time employees providing wealth management services to entrepreneurs, executives, athletes, families, and charitable foundations.
New York City-based Merchant Investment Management LLC, an equity investor in Corient since 2020, supported the M&A deal with CI Financial by agreeing to relinquish its interest in the California firm.
CI Financial’s transaction with Corient is expected to increase assets in the company’s U.S. Wealth Management segment to about $125 billion, the news release said, and with the completion of other outstanding transactions, total assets under management and advisement globally are expected to reach about $311 billion.
The transaction is expected to close in the second quarter of 2022, subject to regulatory approvals and other customary closing conditions. Ernst & Young Capital Advisors, LLC served as advisors to Corient and legal advice was provided by Alston & Bird. CI Financial’s legal advisor was Hogan Lovells US LLP.
Financial terms of the transaction were not disclosed.