Newport Beach wealth manager Corient Capital Partners, which has $5 billion in assets under management, is being acquired by Toronto-based CI Financial Corp. (TSX: CIX). Financial terms were not disclosed.
Founded in 2015 by a team of experienced advisors, Corient has 24 full-time employees who work primarily with entrepreneurs, executives, athletes, families and charitable foundations.
“We are excited to join CI Private Wealth and partner with what are, without question, some of the highest-quality firms in our industry,” Corient partner Darren Henderson said in a statement.
This transaction is expected to increase assets in CI’s U.S. Wealth Management segment to approximately $125 billion. With the completion of other outstanding transactions, CI’s total assets under management and advisement globally are expected to reach approximately $311 billion. The transaction is expected to close in the second quarter of 2022, subject to regulatory approvals and other customary closing conditions.