Articles tagged "CI Financial"
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CI Financial go-private deal removes Bain Capital's 14.5% PIK chokehold on Corient, CI's Miami-based RIA unit, but at the price of control
An Abu Dhabi sovereign fund will cash out Corient 'preferred' shares negotiated by Bain, in part on Abu Dhabi's behalf, but only by tossing in the cash-cow Toronto asset manager's parent firm
November 26, 2024 at 4:17 AM
With Bain deal ticking, CI Financial has to 'do something' with sprawling $147-billion U.S. RIA business under dozens of brand names' so it kills all the brands, except Corient
The valuation proposition of the Miami, Fla. rollup rests on unity in form and function and will now rely on a brand invented during a Merrill Lynch team's Dynasty breakaway
August 3, 2023 at 3:20 AM
CI Financial's Bain PIK deal sours shareholders, leads two analysts to downgrade and sends shares south, but CEO still has faith in IPO before 2030
'CI Financial has to live with the hand it is holding,' Morningstar researcher says, because it has few cards left now to play -- without quick market help for a big IPO
May 16, 2023 at 1:44 AM
CI Financial got just the $1 billion face value it wanted for a 20% RIA rollup stake but at a 14.5% PIK, experts warn the deal's terms are brutal
The Toronto owner of the US$140-billion AUM RIA rollup saw its IPO fizzle, but replaced it with a Bain-led deal with valuation sizzle but the new owners' risk is low and upside is exceptionally good, experts say
May 12, 2023 at 3:10 AM
Briefs: Focus Financial misses on earnings and debt ratio, but white knight makes stumble moot; Bill Winterberg is out at AdvicePay; Ric Edelman promotes RIA self-custody -- of crypto; Redtail employs GPTChat -with a kill button for people it annoys
The New York rollup's market cap is pegged at $4 billion, hence a free pass on bad news; Alan Moore updates hiring; Brian McLaughlin make rote texting more optional; Blockchain might rewrite custody?
May 11, 2023 at 1:22 AM
CI Financial will cut off U.S. RIA unit from Canadian cash infusions as part of 2023 IPO but with a giant parting gift -- total forgiveness of its substantial mountain of debt
The Toronto asset manager, drenched in $2.7 billion of debt, promises an imminent IPO of a larger-than-planned stake in its $126-billion AUM to pay off lenders.
November 17, 2022 at 2:27 AM
With RIA valuations ticking down and successions ticking up, Focus Financial deep sixes 'drunken sailor' pause, forgoes buyback plan and adds a CEO
CEO Rudy Adolf sees a 'softening' in multiples after a couple of frothy years when CI Financial dominated headlines and big RIA deals
August 13, 2022 at 12:39 AM
CI Financial's IPO could make the RIA M&A force next to unstoppable if it 'pops', but industry insiders see Focus Financial's stuck stock price as a 'tremendous headwind'
The Toronto firm already laps the RIA M&A field in deal flow and buzz but an IPO is only worth it if investors cooperate by seeing a much higher value separated from the old cash cow in Canada
April 9, 2022 at 1:37 AM
Focus Financial tightens ties with CAIS to boost alts, just don't say the arrangement much resembles CI Financial's deal to buy a stake in GLAS Funds
New York City-based CAIS already administers a $30-billion chunk, it says, of Focus's $350 billion of RIA assets; RIAs get to add third-party funds or go with the CAIS selections
February 16, 2022 at 7:34 PM
CI Financial picks off another 'Blind Squirrel' to push AUM to $105 billion as the RIA deal market stays nuts
The top-dollar-paying Toronto titan swept the $6-billion AUM RegentAtlantic off its feet at a size where it seems to have few rivals.
December 7, 2021 at 4:16 PM
Canada's CI Financial and Florida Gov. Ron DeSantis announce plan for Miami to become the $77-billion rollup's U.S. headquarters in 2023
The Sunshine State used tax incentives to lure the Toronto firm to Miami, where the state has tried to establish a Wall Street South for decades with some success
September 16, 2021 at 10:24 PM
CI Financial buys Budros to cinch $74 billion in U.S. assets--if pending deals close--but rival Focus Financial just surpassed $300 billion globally, its CEO says
The Toronto startup rollup has been dominant for about two years in RIA M&A, but Rudy Adolf says his value proposition is more multi-faceted.
August 11, 2021 at 3:12 AM
CI Financial continues to feast on Blind Squirrels' membership like a cache of stored nuts
The Toronto serial acquirer is adding study group member Radnor Financial Advisors' $2.6 billion to the bigger haul from Balasa Dinverno, RGT and Brightworth.
June 28, 2021 at 8:42 PM
What exactly makes the Kurt-and-Karl show click as CI Financial and Emigrant Partners do deals, tighten ties and co-evolve their business models
Toronto-based CI got a 100% equity interest in $4.5 billion Brightworth under CEO Kurt MacAlpine, but Emigrant CEO Karl Heckenberg got no liquidity -- and therein lies the symbiosis
March 19, 2021 at 12:07 AM
CI Financial tops its 2020 MVP year with a grand slam $23 billion AUM January deal but its CEO hints that 2021 is just getting going
Kurt MacAlpine says his $261-billion of AUM throws off big cash flow and a growing list of word-of-mouth buyers and a model where managers stay in place assures that his Canadian firm need not sit long on the bench
