In one of its biggest deals to date, Toronto-based aggregator CI Financial is buying RegentAtlantic, a $6 billion New York-based registered investment adviser.
The deal pushes CI’s total U.S. RIA assets over $100 billion and marks it’s 28th acquisition since entering the U.S. market in November 2019 with the acquisition of Surevest Wealth Management.
The RegentAtlantic sale comes on the heels of the RIA’s October announcement that Andy Kapyrin and Paul Platkin became co-chief investment officers.
Founded in 1982, RegentAtlantic serves high-net-worth families and institutions across the U.S. from offices in Morristown, New Jersey, and New York City.
“RegentAtlantic’s success stems from a disciplined wealth management process focused on the distinct needs of high-net-worth clients, an approach that has created deep client loyalty and contributed to the firm’s strong growth,” said CI chief executive officer Kurt MacAlpine in a prepared statement.
“RegentAtlantic is a great strategic and cultural fit with the existing firms and leadership within CI Private Wealth and fully supports our vision of building the country’s leading wealth management firm,” he added.
The deal is expected to be completed before the end of the year and will represent CI’s third largest transaction behind Segall Bryant & Hamill, a $23 billion RIA acquired earlier this year, and Gofen & Glossberg, a $7.5 billion deal announced last month.
“There is an ever-growing need for quality financial advice and that presents an opportunity for firms like ours. CI Private Wealth will be the ideal partner for our team as we embark on the next phase of our growth and development,” said George Stapleton, chief executive officer of RegentAtlantic.
As part of the transaction, all partners in RegentAtlantic will become equity partners in CI Private Wealth, the private partnership that will hold CI’s U.S. wealth management business.
Also, as part of the transaction, Fiduciary Network, which first invested in RegentAtlantic in 2007, exchanged convertible indebtedness of Regent into non-convertible, unsecured, fixed-interest indebtedness of CI Financial with a term of three years, subject to early repayment rights of Fiduciary Network and prepayment rights of CI Financial.
Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.