In July, Canadian-based asset manager CI Financial’s U.S. wealth management division Corient acquired two RIAs with nearly $6 billion in combined assets under management, the firm reported.

In its latest round of acquisitions, Corient acquired Emerald Multi-Family Office and Byron Financial, effective July 31. Both companies work with ultra-high-net-worth clients and have combined assets of approximately $5.9 billion, CI said in its earnings report. 

CI, which racked up record total assets of nearly $500 billion in the second quarter, up $81.0 billion, or nearly 20% in year-over-year growth, revealed the deals in its earnings report on August 8. Almost half of those assets derive from the company’s aggressive U.S. acquisition strategy, which has seen the firm buy nearly 40 registered investment advisors since 2019.

“In addition to fostering organic growth at Corient, we continued our highly selective approach to M&A, seeking exceptional wealth management firms focused on ultra-high-net-worth individuals and families,” CI Chief Executive Officer Kurt MacAlpine said in a statement.

Emerald Multi-Family Office, based in Weston, Fla., is a multi-family office that services a small group of high-net-worth families, individuals and businesses. The 16-year-old firm bills itself as offering both holistic and institutional asset management. 

Byron Financial, based in Charlotte, N.C., is a private money manager that delivers “comprehensive financial services” to wealthy individuals.

The information was gleaned from the firms’ August filings with the Securities and Exchange Commission, which showed that Emerald has discretionary assets under management of $500 million, while Byron Financial manages approximately $13 million on a discretionary basis.

Both firms’ online URLs have already been absorbed into Corient.com, which advertises the growing firm’s full array of service offerings that it says are aimed at high-achievers, entrepreneurs and founders, business owners, and professional athletes and entertainers.

Amit Muni, the chief financial officer at CI, said during an earnings call last Thursday that the firm continues to “scale its U.S. wealth management business.” He referred to the company’s sale of a 20% stake to a consortium that included private equity firm Bain Capital last year, a deal that led CI to scuttle plans to go public. “Since the minority investment in Corient last May, the business has grown EBITDA at a 26% compound annual growth rate.”

“Corient, our U.S. subsidiary, is demonstrating significant growth in assets and profitability, having generated double-digit gains in adjusted EBITDA relative to both the previous quarter and the second quarter of 2023. This reflects the significant progress we have made in integrating that business and expanding its product offering,” MacAlpine said.

The firm’s record EBITDA hit $342.7 million, according to CI Financial’s second quarter earnings report.

The firm reported operating cash flow of $176.8 million and free cash flow of $151.7 million, a proverbial war chest that positions it for further acquisitions.

CI did not answer questions about its RIA acquisition plans for the remainder of 2024 and into 2025.