CIXX - CI Financial to buy Columbia Pacific Wealth Management and make investment in CPA
Per the terms, CI (NYSE:CIXX) will acquire Columbia Pacific Wealth Management ('CPWM'), having about $6.4 billion in total assets under management as of Nov. 30, 2021. The commercial terms were not disclosed. The deal boosts CI’s U.S. assets to $115 billion, making U.S. wealth management CI’s largest business line. Additionally, CI will acquire a minority stake in Columbia Pacific Advisors ('CPA'), an alternative asset management firm with $3.5 billion in assets under management. As part of the transaction, CPWM owners will become equity partners in CI Private Wealth, the private partnership that holds CI’s broader U.S. wealth management business.
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CI Financial to buy Columbia Pacific Wealth Management and make investment in CPA