The acquired business, which has $5 billion in AuM, focuses on serving ultra-HNW clients across the US.

Canada’s CI Financial has agreed to buy the $5 billion wealth firm Corient Capital Partners, a business which serves ultra-high net worth clients in the US. It adds to a mass of such M&A deals made by CI since it begin its acquisition spree in 2020.

The transaction was supported by Merchant Investment Management, which has been an equity investor in Corient since 2020. Merchant continues to buy stakes in wealth firms, as reported and discussed here by Family Wealth Report. The financial terms were not disclosed.

The deal is expected to increase assets in CI’s US wealth arm to about $125 billion. When other outstanding transactions are finished, CI’s total assets under management and advisement globally are expected to reach about $311 billion. The group’s M&A spree has been one of the most dramatic in North American wealth management for its sheer volume. A desire for scale and market share, as well as owners’ wish to retire or find capital partners, is driving much of this activity. Besides CI, other prominent buyers include Focus Financial, Mercer and Hightower. 

Founded in 2015, Corient has 24 full-time staff who mainly work with entrepreneurs, executives, athletes, families and charitable foundations.

The transaction is expected to close in the second quarter of 2022, subject to regulatory approvals and other customary closing conditions. Ernst & Young Capital Advisors, served as advisors to Corient and legal advice was provided by Alston & Bird. CI’s legal advisor was Hogan Lovells US.