CI Financial has announced an agreement to acquire Barrett Asset Management, LLC, a New York-based registered investment advisor (RIA) that manages more than US$2.5 billion in assets for high-net-worth and ultra-high-net-worth clients.
The deal, once completed, gives CI Financial approximately US$50 billion in U.S. AUM.
Barrett, established in 1937, offers customized wealth planning and investment management services to its clients, and manages two in-house mutual funds.
“We place immense value on [Barrett’s] team approach to client service and focus on multi-generational planning,” said Kurt MacAlpine, CEO of CI Financial in a release. “CI’s backing will allow them to continue to enhance their multi-family office services and capabilities.”
Said Peter Shriver, CEO of Barrett in the release: “Partnering with CI provides continuity for our clients and our firm as we develop our next generation of leaders.”
Barrett is CI Financial’s second RIA acquisition in New York, expanding the firm’s scale in the city to more than US$5.5 billion. In November, CI Financial announced it acquired New York-based Roosevelt Investment Group, Inc.
CI Financial has made 15 acquisitions of RIA platforms, when including transactions by affiliated RIAs, since January 2020. Following the completion of all outstanding transactions, CI’s total North American wealth management assets are expected to be approximately $133 billion (US$105 billion).
The Barrett transaction is expected to close in the second quarter of 2021, subject to regulatory and other closing conditions.