CI acquires US$6 billion New Jersey-based RIA

CI Financial Corp. has acquired New Jersey-based RegentAtlantic Capital, LLC., a registered investment advisor (RIA) firm with US$6.0 billion in assets, the firm announced Monday.

The transaction will push CI’s U.S. assets past the US$100-billion mark for the first time since CI began acquiring U.S. firms last year. Following the completion of all announced transactions, CI’s U.S. assets are expected to reach approximately US$105 billion, or $130 billion. Terms of the deal were not disclosed.

Founded in 1982, RegentAtlantic serves high-net-worth individuals, families and institutions from offices in Morristown, N.J. and New York City. In addition to wealth planning, the firm provides private trust services through RegentAtlantic Private Trust and 401(K) plan management for businesses.

“RegentAtlantic’s success stems from a disciplined wealth management process focused on the distinct needs of high-net-worth clients, an approach that has created deep client loyalty and contributed to the firm’s strong growth,” said CI CEO Kurt MacAlpine, in a statement.

As part of the transaction, all partners in RegentAtlantic will become equity partners in CI Private Wealth, the private partnership that will hold CI’s U.S. wealth management business. This transaction is expected to close later this month, subject to regulatory and other closing conditions.

Last week, CI announced it had acquired Matrix Capital Advisors, LLC, a Chicago-based RIA managing US$615 million for high-net-worth clients.

Rudy Mezzetta

Rudy is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on tax, estate planning, industry news and more since 2005. Reach him at rudy@newcom.ca.