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Deals Of The Day: The Latest In Wealth Management M&A - CI Financial

Editorial Staff, September 14, 2021

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Since entering the US RIA sector in January 2020, CI Financial has been on a buying spree.

CI Financial 
CI Financial, the Canadian group that has bought a raft of US wealth managers in recent months, has agreed to buy Portola Partners Group, a firm located in Silicon Valley.

Portola Partners manages $5.2 billion in assets and provides investment and wealth planning solutions, CI said today in a statement.  

When this and other acquisitions in process are completed, CI’s US wealth management assets are expected to reach around $82 billion, with CI’s total assets globally reaching $263 billion.

Alston & Bird LLP served as legal advisor and Berkshire Global Advisors LP served as financial advisor to Portola. CI’s legal advisor was Hogan Lovells US LLP.

This transaction is expected to close later this month, subject to regulatory approval and other customary closing conditions. The financial terms were not disclosed.

“Portola has developed wide-ranging capabilities to address the multifaceted needs of ultra-high net worth families, from intellectually rigorous, endowment-style investment management to complex tax planning to a wide range of family office services. The Portola team and model will be valuable in fostering the development of our ultra-high net worth offering across CI Private Wealth,” Kurt MacAlpine, CI chief executive, said.  

The acquisitions are part of a busy M&A period in the North American wealth management sector, driven by firms’ desire to build scale to handle rising client expectations and regulatory requirements, as well as a wish by founders seeking retirement to exit the business. 

DeVoe & Company, a business tracking M&A trends in the North American market, issued a report about latest trends in the space here.

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