CI Financial Corp., a diversified global asset and wealth management company, today announced an agreement to acquire Barrett Asset Management, a New York-based registered investment advisor (“RIA”) with wealth and investment management capabilities catering primarily to high-net-worth and ultra-high-net-worth individuals and families.
Barrett brings US$2.5 billion1 in assets to CI’s fast-growing U.S. wealth management footprint. Once the transaction is completed, CI is expected to have approximately US$50 billion in U.S. assets and total assets of US$212 billion2. Barrett represents CI’s second RIA in New York and expands CI’s scale in the world’s largest financial center to more than US$5.5 billion.
The acquisition exemplifies CI Chief Executive Officer Kurt MacAlpine’s mission to expand wealth management and globalize the company by teaming with strong U.S. wealth management businesses with committed management teams, aligned cultures and a shared vision for the future of the industry.
“We look forward to working with the dedicated and experienced Barrett team and helping them build on their success,” said Mr. MacAlpine. “Since 1937, Barrett has been delivering superior service to its clientele, which includes families, trusts and charitable organizations. We place immense value on their team approach to client service and focus on multi-generational planning, and CI’s backing will allow them to continue to enhance their multi-family office services and capabilities.”
Barrett offers an array of high-touch services tailored to each client, including wealth planning and investment management. The firm’s portfolio management expertise includes the management of two in-house mutual funds. Barrett has received notable industry recognition from respected outlets such as Bloomberg, Investment News and Financial Times for their advisory services.
“Our firm has always been guided by the principle that the client comes first,” said Peter Shriver, CFA, Chief Executive Officer of Barrett. “Our clients’ goals and needs were at the forefront of our decision to align with CI. Partnering with CI provides continuity for our clients and our firm as we develop our next generation of leaders. It will enable us to continue providing the incredible level of service we are known for, while gaining resources and capabilities that will benefit our clients and drive their success.”
Since entering the U.S. market in January 2020, CI has become one of the industry’s fastest-growing RIA platforms, with 15 acquisitions (including transactions by affiliated RIAs). Following the completion of all outstanding transactions, CI’s total North American wealth management assets are expected to be approximately US$105 billion (C$133 billion) and total assets are expected to reach US$212 billion (C$270 billion).2
Cambridge International Partners LLC served as the exclusive financial advisor to Barrett. This transaction is expected to close in the second quarter of 2021, subject to regulatory, and other customary closing conditions.
