January 25, 2021
Canadian asset supervisor CI Monetary Corp. will purchase a majority stake in Segall Bryant & Hamill, LLC, a Chicago-based registered funding advisor and asset supervisor overseeing roughly $23 billion, in keeping with an announcement on Monday.
Monetary phrases of the transaction, which is predicted to shut within the second quarter of 2021, weren’t disclosed. The addition of SBH would double Toronto-based CI’s complete U.S.-based belongings to $46.1 billion, in keeping with the announcement.
The deal marks CI’s 14th U.S. RIA acquisition, together with sub-acquisitions by CI-affiliated RIAs, because it closed its first deal within the nation in January 2020.
On a standalone foundation, SBH’s retail RIA enterprise, with $6 billion in belongings underneath administration, can be CI’s largest U.S. acquisition by asset measurement. The rest of its $23.1 billion consists of institutional belongings or funds it advises.
“Buying Segall Bryant & Hamill is a significant step ahead as we proceed our U.S. enlargement,” Kurt MacAlpine, chief government at CI, stated in a ready assertion.
SBH, which was based in 1994, has 122 workers and extra places of work in Denver, St. Louis, Philadelphia and Naples, FL.
SBH’s management, together with Chief Government Philip Hildebrandt, will stay in place, in keeping with the announcement.