CI Financial to Acquire RegentAtlantic

On Dec 6, 2021

CI Financial Corp. has agreed to acquire RegentAtlantic, a registered investment advisor with $6.0 billion in assets under management.

Founded in 1982, RegentAtlantic serves high-net-worth individuals and families and institutions on the East Coast and across the United States from offices in Morristown and New York City. It offers a comprehensive range of wealth planning services, including financial planning and investment management, customized to the needs of each client.

“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 Kurt MacAlpine, CI Chief Executive Officer. “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.”

“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. “We look forward to working with our CI Private Wealth colleagues, who represent some of America’s other leading RIAs, and are confident this collaboration will benefit our team and our clients.”

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. As part of the transaction, Fiduciary Network, LLC (“FN”) 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 FN and prepayment rights of CI Financial.

RegentAtlantic’s accolades include being named to the Barron’s list of Top 100 RIA Firms in 2020 and 2021, and the Financial Times list of Top 300 RIAs in 2020. The firm’s offering includes specialty service areas focused on business owners, corporate executives, non-profits, food and beverage industry entrepreneurs, women on Wall Street, retirement, senior care, and collectibles. It also provides private trust services through RegentAtlantic Private Trust and 401(K) plan management for businesses.

RegentAtlantic will deepen CI’s presence on the East Coast and be CI’s third RIA affiliate with an office in New York City.

The transaction will also push CI’s U.S. assets past the US$100-billion mark for the first time since CI entered the U.S. wealth management sector in January 2020 – making CI one of the industry’s fastest-growing firms. Following the completion of all announced transactions, CI’s U.S. assets are expected to reach approximately US$105 billion (C$130 billion), while its total assets globally are anticipated to reach US$291 billion (C$360 billion).

This transaction is expected to close later this month, subject to regulatory and other customary closing conditions. The Asset & Wealth Management Investment Banking Group of Raymond James & Associates, Inc. served as advisors to RegentAtlantic. CI was advised by Hogan Lovells US LLP. Financial terms were not disclosed.

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