CI Financial acquires Portola Partners for $5.2B
Sep 14, 2021 By MarketDepth
Toronto-based CI Financial (TSX: CIX; NYSE: CIXX) announced its acquisition of Portola Partners Group LLC early this morning.
Wealth Management Firm
Portola Partners is a Silicon Valley wealth management firm specializing in meeting the distinct needs of ultra-high-net-worth families. Managing US$5.2 billion in assets, “the Portola team and model will be valuable in fostering the development of our ultra-high-net-worth offering across CI Private Wealth,” said Kurt MacAlpine, CI Chief Executive Officer
“CI Private Wealth’s wisely crafted professional services partnership model provides an unusually attractive, long-term growth opportunity for our future generations of advisors and leaders.”Steve Rehmus, Portola Co-Managing Partner
The acquisition is expected to push CI’s U.S. wealth management assets and total assets globally to approximately C$103 billion and C$331 billion, respectively. “CI Private Wealth’s wisely crafted professional services partnership model provides an unusually attractive, long-term growth opportunity for our future generations of advisors and leaders,” said Steve Rehmus, Portola Co-Managing Partner.
Increase Presence in Bay Area
With this acquisition, CI expands its presence in the San Francisco Bay Area, which the Company sees as “an important region of technology-driven wealth creation,” as many of Portola’s clients live in the San Francisco Bay area and include technology company founders, executives and venture capitalists.