On January 11, 2022, it was announced that CI Financial Corp. will acquire Northwood Family Office Ltd.
Under the terms of the transaction, CI Financial Corp. (“CI Financial”) will acquire Northwood Family Office Ltd. (“Northwood”). The acquisition is expected to increase CI Financial’s Canadian wealth management assets to approximately CAD $81 billion, and total assets globally to approximately CAD $377 billion. The transaction, subject to regulatory approval and other customary closing conditions, is expected to close in the second quarter of 2022. Further terms of the deal were not disclosed.
CI Financial (NYSE: CIXX), based in Toronto, Canada, is an independent company providing global asset management and wealth management advisory services. As of November 30, 2021, CI Financial had approximately CAD $338.1 billion in assets under management and advisement.
Northwood, based in Toronto, Canada, is a multi-family office, managing and coordinating the integrated financial, investment and personal affairs of wealthy families. Northwood focuses on families with family net worth of CAD $10 million to over CAD $1 billion. As of November 30, 2021, Northwood managed approximately CAD $2.2 billion in investment assets and CAD $9 billion in family net worth.
To read the press release: please click here.