CI Financial Acquires $2.5B Barrett Asset Management This marks CI’s 15th deal since entering the U.S. RIA market in January 2020, bringing its total U.S. assets to about $50 billion.
Canadian-based asset and wealth manager CI Financial announced its second deal this year this time acquiring New York-based Barrett Asset Management, a registered investment advisor with $2.5 billion in assets.
This marks CI’s 15th deal since entering the U.S. RIA market in January 2020, bringing its total U.S. assets to about $50 billion. The deal follows CI’s acquisition of Chicago-based Segall Bryant & Hamill, an investment and wealth management firm with $23 billion in assets under management, the company s largest deal yet, in January.
Peter Mallouk s Employees Take Equity in Creative Planning Some 10% now have a stake in the fast-growing RIA. We anticipate that the percentage that’s owned by employees should increase every year from now and ongoing, Mallouk said.
Creative Planning Chief Executive Peter Mallouk opened equity to employees inside the fast-growing registered investment advisory firm, with 10% of the workforce, or some 86 people, now partial owners, according to a company announcement.
Mallouk would not reveal the names of the firm s new principals but said it was largely those with long tenures at the firm. LinkedIn reveals managing directors John Baker, Tamara Lowenberg, Carlos Lopez and Jason Guehl were a few of many listed that added the title “principal” to their profiles in March.
A succinct roundup of the major M&A announcements for the first week of February.
January was another record deal for mergers and acquisitions, according to DeVoe & Company’s RIA Deal Book Alert for January. There were 29 total transactions, nearly double January 2020’s figures.
Below are more deals along with firm-to-firm advisor moves announced for this week:
Tiger Blackwell Joins LPL Financial from Stifel, Nicolaus & Company
Tiger Blackwell, founder of Blackwell Money Management in Baton Rouge, La., managed approximately $100 million at Stifel before moving to LPL’s newly launched independent employee model.
J.P. Morgan Loses Executive Director Dixon Hayes to Simon Quick Advisors
IRON Financial’s retirement division focuses on government agencies, a new focus for Creative Planning.
Creative Planning, an independent registered investment advisor in Kansas City, Kan., acquired a retirement division with $6 billion in assets under management from IRON Financial, a Northbrook, Ill. investment firm, according to a Wednesday announcement. The acquisition continues Creative Planning’s acquisition spree from 2020.
“They work in a part of the 401(k) space that we don’t presently work in,” said Peter Mallouk, CEO of Creative Planning in an interview. “They work with a lot of government agencies, so it opened up a whole new avenue for us.”