CI Financial to buy wealth manager Corient Capital Partners

Toronto-based wealth manager CI Financial Corp. agreed to acquire Corient Capital Partners LLC, a Newport Beach, Calif.-based asset manager for ultra-high net worth individuals and families in the U.S.

Financial terms were not disclosed.

Corient oversees about $5 billion in client assets, according to a press release.

The acquisition is expected to boost CI Financial's wealth management segment assets to about $125 billion. Total assets under management and advisement globally will rise to about $311 billion with the completion of other outstanding transactions, CI Financial said in a release.

The deal is expected to close in the second quarter.

Ernst & Young Capital Advisors LLC served as advisers to Corient while Alston & Bird provided legal advice. CI Financial's legal adviser was Hogan Lovells US LLP.