On December 6, 2021, CI Financial Corp. announced that it will acquire RegentAtlantic Capital, LLC.
Under the terms of the transaction, CI Financial Corp. (“CI”) will acquire RegentAtlantic Capital, LLC (“RegentAtlantic”). All RegentAtlantic partners will become equity partners in CI Private Wealth, the private partnership that will hold CI’s U.S. wealth management business. Additionally, Seward & Kissel client Fiduciary Network, LLC (“FN”), an investor in RegentAtlantic in 2007, exchanged convertible indebtedness of Regent into non-convertible, unsecured, fixed-interest indebtedness of CI Financial with a term of three years, subject to early repayment rights of FN and prepayment rights of CI Financial. The transaction, subject to regulatory and other customary closing conditions, is expected to close by the end of the year. Terms of the deal were not disclosed.
CI (NYSE: CIXX) is an independent company, based in Toronto, Canada, engaged in global asset management and wealth management advisory services. As of October 31, 2021, CI had approximately $291 billion in assets under management and advisement.
RegentAtlantic, based in New York, is a registered investment adviser specializing in wealth planning services, including financial planning and investment management. As of November 30, 2021, RegentAtlantic had $6 billion in assets under management. The Asset & Wealth Management Investment Banking Group of Raymond James & Associates, Inc. advised RegentAtlantic on the deal.
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