Following a quarter that saw its stateside wealth arm reborn under a new moniker, Canadian wealth and asset management firm CI Financial turned in earnings with lower total income than it did one year ago.
Still, firm leaders say the decision to keep putting eggs in the U.S. wealth basket now known as Corient is paying off in the form of climbing wealth management assets and a “unified identity.”
Now, CI Financial CEO Kurt MacAlpine said the plan is to keep growing by adding new members to the family. It’s something that CI Financial, a company that emerged as a top acquirer of RIA practices shortly after its arrival in the U.S. RIA market, knows very well.
“Our U.S. wealth management segment continues to show steady growth in revenues and earnings, reflecting the strength of that business. We continue to make selected acquisitions, adding high-quality businesses while expanding our geographic reach,” MacAlpine said in a statement. “The rebranding of CI Private Wealth U.S. to Corient this summer was very well received and was an important step in integrating those operations and positioning Corient for continued growth as one of the largest private wealth firms in the U.S.”
Scroll down to see the most important wealth management takeaways from CI Financial’s Q3 earnings report. To see previous CI Financial earnings coverage, click here and here.
Note: CI Financial discloses its quarterly returns in Canadian dollars. Unless otherwise mentioned, all figures are in Canadian rather than U.S. dollars.