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CI Financial Corp. (CIX, CIXX) announced a US$260 million re-opening of its 3.200% notes due 2030, increasing the total principal to US$960 million. The Additional Notes will share identical terms with existing notes issued on December 17, 2020. Proceeds will be used to redeem C$325 million of 3.520% debentures due July 20, 2023. The offering, managed by BofA Securities and J.P. Morgan, is expected to close on January 19, 2021. It is registered with the SEC and will not be offered in Canada.
CI Financial Corp. (CIX, CIXX) reported a preliminary total of $231.5 billion in assets as of December 31, 2020, marking a 27.1% increase year-over-year. Wealth management assets reached $96.6 billion, growing by 91.3% year-over-year. The company completed the acquisition of four U.S. wealth management firms, adding $12.3 billion in assets and boosting U.S. wealth management to $29 billion. Additionally, CI successfully issued US$700 million in bonds and reported a 1.5% increase in assets under management for December.
CI Financial Corp. has successfully completed the acquisition of four U.S. registered investment advisory firms, increasing its U.S. wealth management assets by approximately US$9.4 billion to a total of US$22 billion. The acquired firms include RGT Wealth Advisors, The Roosevelt Investment Group, Doyle Wealth Management, and Stavis & Cohen Financial, all finalizing on December 31, 2020. This acquisition strategy has positioned CI as one of the fastest-growing RIA platforms, expanding its total assets under management to approximately C$228 billion (US$175 billion).
CI Financial Corp. (CIX, CIXX) announced plans to redeem all outstanding 2.775% debentures worth $200 million, maturing on November 25, 2021, on or about January 18, 2021. The redemption price will either be the Canada Yield Price or par, plus accrued interest. CEO Kurt MacAlpine highlighted that this move is aimed at reducing leverage and saving on interest expenses. CI manages approximately $216 billion in client assets as of November 30, 2020, emphasizing its position in global asset and wealth management.
CI Global Asset Management (CI GAM) announced that its funds, holding approximately 14.11% of Great Canadian Gaming Corporation's shares, will vote against the proposed arrangement plan with Apollo Global Management. CI GAM currently manages 7,897,552 common shares of the Corporation. No further comments on the Plan will be provided at this time.
CI Financial Corp. (TSX: CIX; NYSE: CIXX) has announced its acquisition of majority ownership in RGT Wealth Advisors, LLC, a Dallas-based registered investment advisor managing approximately US$4.7 billion in assets. This move marks CI's largest U.S. acquisition by assets, expanding its total U.S. wealth assets to around US$21 billion. The strategic acquisition aligns with CI's goal to strengthen its presence in the fast-growing Texas market and enhance its wealth management services across high-net-worth clients. The transaction is expected to close in Q4 2020, pending regulatory approval.