CI Financial considering a U.S. listing to boost deals

CI’s new strategy is to expand beyond its Canadian base by consolidating U.S. firms that handle investments and offer advice to affluent clients. It’s looking to boost profits from its wealth management segment, which employs investment advisers, to at least $200 million in the long run, the CEO said, helping offset headwinds in its core mutual fund business.

MacAlpine, 39, has set out a game plan to propel the company in a new direction since taking the helm a year ago. International expansion is central to that. That means a lot of small deals. In addition to BDF in Illinois, CI has bought interests in advisory firms in California, Massachusetts, Arizona and Arkansas.Article content continued

“The deal dynamics in Canada are very different. The market’s very concentrated, it’s very mature, and there’s not that many deals that come to market,” he said. “If the deal dynamics remain intact, with similar high-quality firms coming to market and the valuations that we’re paying being constant, you could see us bigger in U.S. wealth management than in Canada.

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