CI Financial to Acquire McCutchen Group, a $3.4-Billion Ultra-High-Net-Worth Wealth Manager Based in Seattle

MIAMI & TORONTO & SEATTLE – (BUSINESS WIRE) – CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) and McCutchen Group LLC (“McCutchen Group”) today announced an agreement under which CI establishes McCutchen Group, an ultra-high net worth asset management company with assets under management of $ 3.4 billion.

As a trusted advisor to a select group of individuals and families across the country, the Seattle-based company provides comprehensive financial advisory services ranging from investment management to taxes, charity and estate planning, and family office services. The McCutchen Group, founded in 2007, is led by a customer-centric mentality that enables it to offer a high level of personal service.

“McCutchen Group is an exceptional multi-family office RIA with deep customer relationships that was developed through extensive experience addressing the complex needs of the ultra-high-net-worth segment,” said Kurt MacAlpine, chief executive officer of CI. “The McCutchen Group continues to expand our presence and expertise in this area, which is critical to making CI Private Wealth the leading wealth management platform in the US for high net worth and very high net worth individuals and families.

“In addition, the McCutchen Group is CI’s first office in the Pacific Northwest and provides a solid foundation for further growth in this region.”

“CI is an ideal partner for us and our customers given their strong culture and values ​​alignment and commitment to a customer-centric model,” said Matt McCutchen, founder and chief executive officer of the McCutchen Group. “Working with CI will allow us to expand and improve the services we offer our customers while maintaining the advisory model that our customers value.”

Since joining the U.S. registered investment advisory sector in January 2020, CI has grown into one of the fastest growing national wealth management platforms in the country. This transaction is expected to increase CI’s US asset management assets to approximately $ 83 billion (CAD 106 billion) with CI’s total assets of approximately US $ 260 billion (CAD 329 billion) worldwide.

Raymond James & Associates, Inc.’s Asset & Wealth Management Investment Banking Group served as financial advisor to McCutchen Group and Perkins Coie served as legal advisor. CI’s legal advisor was Hogan Lovells US LLP. The transaction is expected to close later this year, subject to regulatory approval and other customary closing conditions. Financial terms were not disclosed.

All financial amounts are as of September 30, 2021.

About CI Financial

CI Financial Corp. is an independent company providing global asset management and wealth management advisory services. CI managed and advised client assets of approximately $ 320.4 billion (US $ 252.7 billion) as of September 30, 2021. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd, Canadian asset management through CI Assante Wealth Management (Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.) and CI Investment Services Inc.

CI’s US wealth management business consists of Barrett Asset Management, LLC, BDF LLC, Budros, Ruhlin & Roe, Inc., Bowling Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC, Congress Wealth Management, LLC , Dowling & Yahnke, LLC, Doyle Wealth Management, LLC, One Capital Management, LLC, Portola Partners Group LLC, Radnor Financial Advisors, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, Segall, Bryant & Hamill, LLC, Stavis & Cohen Private Wealth, LLC and Surevest LLC.

CI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX. More information is available at www.cifinancial.com.

This press release contains forward-looking statements regarding expected future events, results, circumstances, performance, or expectations relating to CI Financial Corp. (“CI”) and its products and services, including its business, strategy, and financial performance and location. Forward-looking statements are typically identified by words such as “believe”, “expect”, “anticipate”, “forecast”, “anticipate”, “intend”, “estimate”, “aim”, “plan” and “project”. and similar references to future periods or conditional verbs such as “will”, “can”, “should”, “could” or “would”. These statements are not historical facts but rather represent management’s views regarding future events, many of which are inherently uncertain and beyond management’s control. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions used in the conclusions in these forward-looking statements include that the McCutchen Group acquisition will complete and its assets will remain stable, that the mutual fund industry will remain stable, and that interest rates will remain relatively stable. Factors that could cause actual results to differ materially from expectations include, but are not limited to, general economic and market conditions, including interest and exchange rates, global financial markets, changes in government or tax laws, industry competition, technological developments and other factors as described or discussed in CI’s disclosure materials filed from time to time with applicable securities regulators. The list above is not exhaustive and the reader is cautioned to carefully consider these and other factors and not to place undue reliance on forward-looking statements. Unless expressly required by applicable law, CI assumes no obligation to update or change any forward-looking statements after the date of their publication, whether as a result of new information, future events or otherwise.