WSJ News Exclusive | CI Financial to Sell Stake in U.S. Wealth-Management Business to Investor Group

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Canadian investment firm CI Financial is selling a 20% stake in its U.S. wealth-management arm to a group of investors including private-equity firm Bain Capital, shelving plans for an IPO of the business

Kurt MacAlpine, chief executive officer of CI Financial, says an IPO is still very possible at some point.is selling a 20% stake in its U.S.

wealth-management arm to a group of investors including private-equity firm Bain Capital, shelving plans for an IPO of the business.and the state of Wisconsin, is making a roughly $1 billion investment that values the business at about $5.3 billion, CI Financial executives told The Wall Street Journal. Proceeds will be used to pay down CI Financial’s hefty debt load.

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