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CI Financial continues acquisition spree with purchase of Toronto wealth manager Northwood

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Deal that will see Northwood add $2.2-billion in investment assets to CI’s Canadian private wealth business, which currently manages about $81-billion

CI Financial is continuing its rampant acquisition spree of wealth managers but this time on home soil with the purchase of Toronto-based Northwood Family Office Ltd., an ultra high net worth multifamily office.

“With the addition of one of Canada’s leading family offices, CI can now seamlessly serve the entire spectrum of wealth management, from beginning investors to the nation’s wealthiest families,” CI CEO Kurt MacAlpine, said in a statement.CI has not disclosed its total spending on its U.S. acquisitions. But according to securities filings, from the beginning of 2020 through Sept.

In April, 2021, on the asset management side of the business, CI bought the remaining stake of Toronto-based Lawrence Park Asset Management. CI had first acquired a minority stake in the alternative asset manager, which manages about $600-million in assets, in 2012.

 

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