CI Financial sets sights on U.S. ultra-high-net-worth space

CI continues U.S. expansion into San Francisco Bay Area with agreement to acquire Silicon Valley-based firm

CI Financial sets sights on U.S. ultra-high-net-worth space

CI Financial is making inroads into the ultra-high-net-worth space as it continues to push forward on its U.S. growth strategy.

Under a newly announced deal, CI will acquire Portola Partners, a registered investment advisor firm based in Menlo Park, California. Managing US$5.2 billion in assets, the Silicon Valley-based firm offers comprehensive investment and wealth planning solutions for respected families with complex, unique requirements.

“Portola’s expertise and client focus have earned them the loyalty and trust of some the country’s most successful wealth creators, and we are thrilled to have the team join CI,” said CI CEO Kurt MacAlpine. “Portola has developed wide-ranging capabilities to address the multifaceted needs of ultra-high-net-worth families, from intellectually rigorous, endowment-style investment management to complex tax planning to a wide range of family office services.”

With specialized expertise at the intersection of investments and tax, wealth transfer, estate, and charitable planning, Portola caters to a clientele that includes technology company founders, executives, and venture capitalists, with many living in the San Francisco Bay Area.

“Joining with such a premier group is a big step forward in delivering on our two-part mission, doing what is right for our deeply valued clients and for our exceptional team,” said Portola Co-Managing Partner Zack Herlick. “CI’s quality and scale will allow us to broaden and deepen the array of best-in-class services we offer to discerning families with sophisticated needs and wants.”

“CI Private Wealth’s wisely crafted professional services partnership model provides an unusually attractive, long-term growth opportunity for our future generations of advisors and leaders,” added Steve Rehmus, Portola co-managing partner. “We have been very impressed with the quality of our new colleagues at CI and at the other well-managed, healthily growing CI Private Wealth firms.”

With the newly announced deal, CI’s wealth management assets are anticipated to reach roughly $103 billion (US$82 billion); globally, CI’s total assets are poised to reach approximately $331 billion (US$263 billion).