CI unveils deal to snap up $7.5-billion wealth firm

CI Financial is continuing on its U.S. expansion with a deal to acquire another independent firm catering to high-net-worth clients.

CI has announced an agreement with Gofen and Glossberg (Gofen), a US$7.5-billion wealth an investment management firm that offers its clientele of mainly high-net-worth families customized investment solutions and tailored planning solutions. Expected to close later this quarter, the firm will be CI’s third Chicago-based RIA acquisition, which will elevate CI’s U.S. wealth-management assets to roughly US$95 billion, or $121 billion in Canadian dollars.

“Gofen is an exemplary wealth and investment management firm that has delivered remarkable service since its founding in 1932,” said CI CEO Kurt MacAlpine. “Gofen’s committed team, tenured client relationships and attention to customization highlight their desire to go above and beyond.”

Throughout its long history, Gofen has delivered white-glove-level investment and financial planning services to affluent clients. Combining an individualized approach and in-depth investment research, it has developed a base of long-tenured clients.

“As a firm with a history of 90 years, the decision to join with CI was not taken lightly,” said Peter Kupferberg, who leads Gofen along with James Borovsky, Charles Gofen, and Michael Stelmacki on the firm’s executive committee. “However, we could not be more confident in this partnership, given the shared cultural and strategic vision of our firms. We are excited to join CI and eager to work together to extend and enhance the high level of service that helped build our reputation.”

“In CI Private Wealth, CI has built an impressive and compelling platform that includes top-tier wealth management firms across the country,” Gofen said. “ We look forward to collaborating with our new colleagues and are confident that the sharing of knowledge and expertise will greatly benefit our practice and our clients.”