Corient, a U.S.-based subsidiary of CI Financial, is planning to launch in Canada in June, subject to regulatory approvals.
With the expansion, it will become the largest non-bank wealth manager and largest multi-family office focused on ultra-high-net-worth individuals and families in North America, with assets of around $650 billion, the firm said in a press release.
“We see a clear gap in the Canadian market for a global independent wealth manager capable of delivering the comprehensive advice required by wealthy individuals and families – including investment management, wealth strategy and family office solutions,” said Kurt MacAlpine, founding partner and CEO of Corient, in the release. “Corient was purposely built to meet that need and close that gap.”
Corient operates as a fiduciary, fee-only wealth management firm under a private partnership model that provides clients with expertise and resources across the firm. Its services specifically target ultra-high-net-worth and high-net-worth clients.
Select CI Private Wealth advisors will become Corient partners.
The expansion follows acquisitions of European money managers Stonehage Fleming and Stanhope Capital Group in September, and Bedrock Group earlier this month that also gave Corient a presence in the Middle East and Africa.
CI Financial was taken private in a $4.7-billion transaction with Abu Dhabi-based Mubadala Capital last year.