CI acquires majority stake in Stavis & Cohen

CI Financial Corp. announced on Tuesday it is acquiring a majority interest in Stavis & Cohen Financial LLC, a Houston, Tex.-based registered investment advisory (RIA) firm with approximately US$570 million in assets.

Founded in 2009, Stavis & Cohen provides wealth planning to high-net-worth client families, including energy industry executives.

“[Stavis & Cohen’s] specialization in serving corporate executives in the oil and gas sector presents strategic synergies with our Western Canadian wealth management business, allowing us to seamlessly serve industry clients both north and south of the border,” said Kurt MacAlpine, CEO of CI, in a release.

Said Deborah Stavis, co-founder and CEO of Stavis & Cohen: “[CI’s] deep experience in both asset and wealth management complements our services, enhances the value we offer our clients, and supports our growth.”

The transaction will increase CI’s U.S. assets to approximately US$13 billion and its total North American wealth assets to approximately US$59 billion, or C$78 billion, based on assets as at Sept. 30, 2020.

Subject to regulatory approval, the deal is expected to close prior to yearend. Terms were not disclosed.

Over the past year, CI has acquired or agreed to acquire seven RIAs directly and three indirectly through transactions by CI’s affiliate RIAs. Once all outstanding transactions close, CI will hold interests in RIAs with offices in California, Arizona, Texas, Arkansas, Illinois, Ohio and Massachusetts.

As part of its strategy to expand its wealth management business and grow globally, CI says it will also be introducing the CI Private Wealth brand in Canada and the U.S. to represent its high net-worth and ultra-high-net-worth advisory businesses.

Rudy Mezzetta

Rudy is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on tax, estate planning, industry news and more since 2005. Reach him at rudy@newcom.ca.