The acquisition adds to CI Financial Corp’s ultra-high networth business.  

Toronto-based CI Financial Group, a global asset and wealth management company, will be acquiring Coriel Capital, a Montreal-based wealth management firm.

Founded in 2006, Coriel’s investment team is led by co-founders Gisele Wilson and Alexandra Ryan, who have over 90 years of combined industry experience, including senior roles at institutional investment management firms and other financial institutions, the firm said in a statement. They help ultra-high net worth clients make complex financial decisions and ensure that investments are fully integrated into their overall financial plans, added the firm, which manages around $1.3 billion in client assets.

Coriel’s "experience, strong performance and service offering have generated excellent growth," Kurt MacAlpine, CI CEO, said. The acquisition will expand CI’s presence in the ultra-high net worth market acting as a strong complement to the firm's Private Wealth and Northwood Family Office businesses, he added.

Following the completion of the transaction, CI’s Canadian wealth management assets will total approximately $83.9 billion. The platform serves the full spectrum of advice channels and client complexity, from do-it-yourself investors to the ultra-affluent.

The transaction is expected to close in the fourth quarter of this year. Blair Franklin Capital Partners served as financial advisor to Coriel and Davies Ward Phillips & Vineberg was legal advisor. CI’s legal advisor was Blake, Cassels & Graydon.

Founded in 1965, CI Financial Corp operates primarily in Canada, the United States and Australia, managing and advising on about $398.9 billion in client assets.