TORONTO--(BUSINESS WIRE)--May 24, 2023--
CI Financial Corp. (“ CI ”) (TSX: CIX) today announced that it has repurchased $234,775,000 of its outstanding 3.215% Debentures due 2024, $370,762,000 of its outstanding 3.759% Debentures due 2025 and $97,531,000 of its outstanding 3.904% Debentures due 2027 pursuant to the terms of its previously announced offers to purchase.
CI has also closed its previously announced sale of a 20% minority investment in its U.S. wealth management business to a diversified group of leading institutional investors, including a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Bain Capital, Flexpoint Ford, Ares Management funds, the State of Wisconsin, and others for approximately $1.34 billion (US$1.0 billion).
About CI Financial
CI is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. Founded in 1965, CI has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning, and a comprehensive product suite. CI manages and advises on approximately C$394.9 billion in client assets (as at April 30, 2023).
CI operates in three segments:
- Asset Management, which includes CI Global Asset Management, which operates in Canada, and GSFM Pty Ltd., which operates in Australia.
- Canada Wealth Management, which includes the operations of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth (Canada), Northwood Family Office, CI Direct Investing and CI Investment Services.
- U.S. Wealth Management, which includes CI Private Wealth (U.S.), an integrated wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States.
CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit cifinancial.com.
CI Global Asset Management is a registered business name of CI Investments Inc., a wholly owned subsidiary of CI.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230524005511/en/
CONTACT: Investor Relations
Jason Weyeneth, CFA
Vice-President, Investor Relations & Strategy
Vice-President, Corporate Communications
Managing Partner, StreetCred
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: ASSET MANAGEMENT PROFESSIONAL SERVICES FINANCE
SOURCE: CI Financial Corp.
Copyright Business Wire 2023.
PUB: 05/24/2023 06:17 PM/DISC: 05/24/2023 06:16 PM
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