Asset and wealth management company CI Financial entered an agreement to acquire Coriel Capital, a Montreal-based wealth management firm.
Coriel Capital, a firm founded and led by women, operates as a “chief investment officer” for ultra-high-net-worth families, helping them navigate complex financial decisions and ensuring their investments effectively support their goals and are fully integrated into their overall financial plans. Coriel Capital manages approximately $1.3 billion in client assets (as of June 30).
“Coriel’s experience, strong performance and service offering have generated excellent growth, and we’re pleased to welcome this accomplished team to CI,” Kurt MacAlpine, CEO of CI Financial, said. “The addition of Coriel expands CI’s presence in the ultra-high-net-worth market, where we are working to build the country’s premier platform to meet this group’s complex requirements. Coriel’s distinct offering is a strong complement to our successful CI Private Wealth and Northwood Family Office businesses.”
Coriel Capital was founded in 2006 by investment industry veterans Gisele Wilson and Alexandra Ryan to bring an institutional approach to investing for ultra-high-net-worth clients.
“As we evaluated alternatives, it quickly became clear that CI was the ideal strategic partner for our firm and the right choice for our clients,” Wilson, who is a partner at Coriel Capital, said. “CI understands the needs of ultra-affluent investors and excels at delivering a personalized, boutique experience augmented by the resources of a large company. We expect this relationship to accelerate our growth and enhance our capabilities and the services we offer to our clients.”
Coriel Capital’s investment team, led by Wilson, Ryan and partner Marjorie Skolnik, has more than 90 years of combined industry experience, including senior roles at institutional investment management firms, investment consultants and other financial institutions.
Following the completion of the transaction, which is expected to close in Q4/23, CI Financial’s Canadian wealth management assets will total approximately $83.9 billion.
Blair Franklin Capital Partners served as financial advisor to Coriel Capital and Davies Ward Phillips & Vineberg was its legal advisor. CI Financial’s legal advisor was Blake, Cassels & Graydon.
