Toronto-based CI Financial to acquire New York-based Barrett Asset Management

Toronto-based asset manager CI Financial Corp. is acquiring New York-based registered investment adviser Barrett Asset Management LLC.

Barrett, which offers wealth planning and investment management services, will bring $2.5 billion in assets to CI Financial.

Since entering the U.S. market in January 2020, CI Financial has made 15 acquisitions.

"We are running, acquiring RIAs," said CI Financial Corp. CEO Kurt MacAlpine on the company's fourth-quarter 2020 earnings call. "These businesses, think of them on a standalone basis economically as the similar contribution to a well-run asset manager."

"So when I look at our RIA business, what excites me is essentially in a wealth management segment, we are creating asset management economics on a standalone basis," the CEO said.

The deal is expected to close in the second quarter. Once the transaction is completed, CI Financial is expected to have about $50 billion in U.S. assets and total assets of $212 billion.

Cambridge International Partners LLC served as the exclusive financial adviser to Barrett.