TORONTO — CI Financial Corp. has signed a deal to buy U.S. wealth management firm McCutchen Group LLC.
Financial terms of the agreement were not immediately available.
Seattle-based McCutchen Group has US$3.4 billion in assets under management.
Founded in 2007, the firm is focused on ultra-high-net-worth clients.
It provides financial advisory services ranging from investment management to tax, charitable and estate planning, as well as family office services.
CI has been growing its U.S. wealth management business and says the deal will increase its U.S. wealth management assets to about US$83 billion, with its total assets globally totalling about US$260 billion.
This report by The Canadian Press was first published Oct. 21, 2021.
Companies in this story: (TSX:CIX)
The Canadian Press