CIXX - CI FInancial plans to take U.S. wealth management unit public through IPO
CI Financial (NYSE:CIXX) is planning to sell up to a 20% stake in its fast-growing U.S. wealth management business through a U.S. initial public offering, and use the proceeds to pay down debt, the company's board said on Wednesday. Since entering the U.S. wealth sector in early 2020, the unit has become CI's (CIXX) largest business unit by assets. Once all outstanding acquisitions are completed, its wealth management assets will reach ~US$133B. By comparison, as of Feb. 28, CI (CIXX) managed and advised on ~C$370.2B (US$292.1B) in client assets. While the U.S. wealth unit has prospered, company management isn't convinced that the market is reflecting that success. "The growth in our U.S. wealth management business is incredible; however, in our opinion, the value we have created isn’t reflected in our share price today," said CI CEO Kurt MacAlpine. CI (CIXX) will retain a majority shareholding in the U.S. wealth management business. A
For further details see:
CI FInancial plans to take U.S. wealth management unit public through IPO