CI agrees to buy US$11.4-billion Boston-based wealth business

CI Financial Corp. has agreed to acquire a US$11.4 billion wealth management business formerly known as Eaton Vance Investment Counsel (EVIC) from Boston-based Eaton Vance WaterOak Advisors, the Toronto-based firm announced Thursday.

The acquisition of EVIC represents CI’s second-largest U.S. acquisition by assets. After the completion of this and other outstanding transactions, CI’s U.S. assets are expected to be approximately $168 billion (US$133 billion).

EVIC is the former registered investment advisor subsidiary of asset manager Eaton Vance Corp. In November 2020, EVIC acquired WaterOak Advisors of Winter Park, Florida, and was renamed Eaton Vance WaterOak Advisors. Eaton Vance Corp. was acquired by Morgan Stanley in March 2021.

Separately on Thursday, New Jersey-based Pathstone announced it agreed to buy the WaterOak assets, which are not part of the CI transaction.

EVIC provides comprehensive wealth management services – including investment management, financial, estate and tax planning, and family office and trust services – on behalf of families, endowments, foundations and other institutions. 

The EVIC acquisition “aligns us with a growing firm with a rich history, an exceptional team, industry-leading wealth management capabilities and loyal, sophisticated clients,” CI CEO Kurt MacAlpine stated in a release.

“CI was an ideal choice for our firm and our clients, given the company’s long experience in asset management and wealth management and its dedication to building the leading U.S. wealth management business focused on the ultra-high-net-worth and high-net-worth client segments,” stated David McCabe, co-president of EVIC.

The EVIC transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals and other customary closing conditions. Financial terms were not disclosed.

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.