Since entering the U.S. market in early 2020, CI has amassed more than $80 billion of RIA assets south of the Canadian border and has more than $260 billion in global assets.
“Miami is an incredible place to establish our U.S. headquarters and support our fast-growing U.S. business,” Kurt MacAlpine, CI’s chief executive, said in a statement.
“It serves as the next logical step for our expansion plans as we work to build the leading high-net-worth wealth management platform in the country,” MacAlpine said. “In addition, Miami is a vibrant, multicultural city that offers a deep talent pool, an attractive location for recruiting and a very business-friendly environment.”
CI, which Tuesday announced the acquisition of $5.2 billion Portola Partners in Menlo Park, California, represents the largest financial institution to locate its headquarters in South Florida, according to Miami Mayor Francis Suarez.
“The significance of this cannot be overstated and moves us further towards our goal to become the capital of capital,” Suarez said. “We thank Kurt MacAlpine, the board of directors, their executive team, and our own Venture Miami team for supporting their move to the City of Miami.”
The office will be home to CI’s U.S. operations and the primary location for its U.S. leadership team. The company’s executive officers will split their time between the Miami and Toronto offices, and it expects to expand its presence in Miami over time.
“We are thrilled to welcome CI Financial to Florida,” Florida Gov. Ron DeSantis said in the statement. “Their move is the latest example of our welcoming business climate at work – something we continue to see from Miami to Pensacola. We appreciate CI Financial’s commitment to our state and wish them all the success.”
Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.