CI Private Wealth, a division of CI Financial Corp., has acquired Matrix Capital Advisors, a $615 million registered investment advisor and its fourth Chicago-based firm, according to an announcement today.
Financial terms of the transaction were not disclosed.
Matrix, which is led by managing directors Christopher Burke and Michael Wik, has been serving wealthy clients for more than 20 years, the announcement said.
Burke said CI’s “experience in asset management and wealth management, scale, and dedication to building a national, client-focused private wealth company” made it a natural fit. “By combining with CI Private Wealth, we will benefit from CI’s capabilities and support in all aspects of the business, allowing us to further enhance the service and attention we provide to our clients,” he said in a statement.
Kurt MacAlpine, the CEO of CI Private Wealth, said the firm is excited to “welcome another exceptional firm” on board. “For two decades, Matrix has provided best-in-class service to high-net-worth clients in the greater Chicago area, building deep and meaningful relationships through a personal and customized approach. As part of CI Private Wealth, the Matrix team will continue to comprehensively serve their clients while taking advantage of the additional resources that CI can provide as a global 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. This latest acquisition will be the 25th among RIA firms (including affiliate acquisitions).
Three weeks ago, CI announced an agreement to acquire another Chicago-based firm, Gofen and Glossberg, a 90-year-old wealth and investment manager that oversees $7.5 billion. The company had said that the acquisition would substantially increase its presence in the broader Midwest. The prior week, it agreed to acquire a majority interest in R.H. Bluestein & Co., a Birmingham, Mich., and New York City-based registered investment advisor overseeing $4.1 billion in assets.
Also today, the company announced that it has completed a deal announced in October to buy Seattle-based McCutchen Group, which manages $3.4 billion in assets. With the completion, CI’s U.S. wealth management business has about $86.6 billion (with $107.3 billion in Canada), as of October 31. The company said when all outstanding transactions are completed, its U.S. wealth management assets are expected to be about $98.2 billion (and it will have $121.7 billion in Canada).