On March 31, 2022, CI Financial Corp. announced an agreement to acquire certain assets of Eaton Vance Investment Counsel.
Under the terms of the transaction, CI Financial Corp. (“CI Financial”) will purchase $11.4 billion of assets managed by Eaton Vance Investment Counsel (“EVIC”) from Morgan Stanley. The remaining share of EVIC’s assets are held by WaterOak Advisors, which will be sold to the investment advisory firm Pathstone. WaterOak Advisors oversees $3 billion in client assets. The deal is expected to close, subject to customary closing conditions, in the fourth quarter of this year. Further terms were not disclosed.
CI Financial (NYSE: CIXX), based in Toronto, is an independent asset management firm. As of February 28, 2022, CI had approximately $292.1 billion in client assets.
EVIC, based in Boston, is an investment adviser, providing services to families, foundations, endowments, and other institutions. Seward & Kissel represented management of Eaton Vance in connection with the sale to CI Financial.
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