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Acquisition increases CI’s U.S. assets to US$95 billion and deepens its Chicago presence
MIAMI & TORONTO & CHICAGO--(BUSINESS WIRE)-- CI Financial Corp. (“CI”) (TSX:CIX, NYSE:CIXX) and Gofen and Glossberg, LLC (“Gofen”) today announced an agreement under which CI will acquire Gofen, a US$7.5-billion wealth and investment management firm that offers customized investment solutions and tailored planning solutions to primarily high-net-worth families.
“Gofen is an exemplary wealth and investment management firm that has delivered remarkable service since its founding in 1932,” said Kurt MacAlpine, CI Chief Executive Officer. “Gofen’s committed team, tenured client relationships and attention to customization highlight their desire to go above and beyond. This is exactly the type of firm CI looks to add to its growing CI Private Wealth group.”
Throughout its long history, Gofen has excelled at delivering white-glove-level investment and financial planning services. The firm’s customized approach to building specific portfolios for each client has resulted in long-tenured clients. By combining this individualized approach with in-depth investment research, Gofen has developed an outstanding wealth and investment management practice, led by the firm's executive committee of James Borovsky, Charles Gofen, Peter Kupferberg and Michael Stelmacki. Gofen is also ranked on both the Barron’s 2021 list of Top 100 RIA Firms in the United States and the CNBC Financial Advisor 100 list.
“As a firm with a history of 90 years, the decision to join with CI was not taken lightly,” remarked Peter Kupferberg, a Gofen Principal. “However, we could not be more confident in this partnership, given the shared cultural and strategic vision of our firms. We are excited to join CI and eager to work together to extend and enhance the high level of service that helped build our reputation.”
“In CI Private Wealth, CI has built an impressive and compelling platform that includes top-tier wealth management firms across the country,” said Charles Gofen, a Gofen Principal. “We look forward to collaborating with our new colleagues and are confident that the sharing of knowledge and expertise will greatly benefit our practice and our clients.”
Gofen will be CI’s third Chicago-based RIA acquisition and will substantially increase CI’s presence in the broader Midwest as well. With the closing of this and other recently announced transactions, CI’s assets in its U.S. wealth management business are expected to reach approximately US$95 billion (C$121 billion), while its total assets globally are anticipated to reach approximately US$271 billion (C$344 billion).
This transaction is expected to close later this quarter, subject to regulatory and other customary closing conditions. Cambridge International Partners LLC served as advisors to Gofen and legal advice was provided by Katz Teller. CI was advised by Hogan Lovells US LLP. Financial terms were not disclosed.
All asset amounts are as at September 30, 2021.
