CI Monetary is doubling the dimensions of its US enterprise in a single fell swoop.
The Canadian asset supervisor mentioned after the market closed Monday that it’s shopping for Segall Bryant & Hamill (SBH), a Chicago-based RIA and asset supervisor that oversees roughly $23bn in property. CI Monetary mentioned that the transaction will double its whole US property to roughly $46.1bn.
Particular monetary phrases of the transaction, which is anticipated to shut within the second quarter of 2021, weren’t disclosed.
‘Buying SBH is a serious step ahead as we proceed our US growth,’ mentioned Kurt MacAlpine (pictured), CI Monetary’s chief govt. ‘SBH has constructed an unimaginable enterprise and shaped a dedicated crew that embodies the traits we search for in our acquisitions’
Headquartered in Toronto, CI Monetary has emerged as a drive to be reckoned with amongst RIA and asset administration acquirers in roughly one yr’s time. The transaction with SBH is CI Monetary’s 14th since January of 2020.
SBH employs 122 individuals and maintains further places of work in Denver, Philadelphia, St. Louis and Naples, Fla.
Its asset administration arm focuses on small-cap investing, gives 14 mutual funds and oversees round $20bn in property, in line with the agency’s web site.
‘CI is a powerful strategic companion for SBH, offering the capital sources of a big, international funding agency whereas permitting us to retain our client-centric method,’ mentioned Philip Hildebrandt, SBH’s chief govt. ‘We’re excited to turn out to be a part of the rising CI household of corporations.’
Cambridge Worldwide Companions served as SBH’s monetary advisor.