CI Financial
A Canadian investment-management and wealth-management group serving retail, high-net-worth, institutional, and professional-investor clients.
Last updated October 14, 2026
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Overview
CI Financial is a Canadian investment-management and wealth-management group headquartered in Toronto, Ontario. Established in 1965 as Universal Savings Fund Management Limited, it developed from a small private investment firm into one of Canada's largest independent financial-services organizations. Its businesses have included mutual funds, exchange-traded funds, private funds, alternative investments, online brokerage, investment-dealer services, financial planning, institutional trading, and private wealth management. The company became publicly traded in 1994 under the name C.I. Fund Management, with the initials referring to Canadian International. Through acquisitions and organic expansion, it grew rapidly during the late 1990s and early 2000s. Important transactions included the purchase of BPI Financial in 1999 and the Canadian operations of Assante Corporation in 2003. These deals expanded CI's distribution and advisory capabilities and helped make it one of Canada's largest fund-management companies. The company adopted the name CI Financial in 2005 to reflect a broader business mix than traditional mutual-fund management. CI continued to broaden its platform through acquisitions. Rockwater Capital added investment-banking capabilities in 2007, while the purchase of Hartford Investments' Canadian operations in 2010 expanded its investment-management platform. CI also developed a close ownership relationship with Scotiabank, which acquired Sun Life Financial's 37 percent stake in CI in 2008 before selling most of its own interest in 2014. During the middle of the 2010s, CI expanded into exchange-traded funds through First Asset Capital, Australia and New Zealand through Grant Samuel Funds Management, and independent Canadian investment management through Sentry Investments. Purchases and investments involving BBS Securities, Virtual Brokers, Redpoint Investment Management, and WisdomTree's Canadian business further extended the group's capabilities. A major strategic reorganization took place under chief executive Kurt MacAlpine beginning in 2020. The former CI Investments division and First Asset were brought together under the CI Global Asset Management banner. Several boutique names, including Cambridge Global Asset Management, Harbour Advisors, Sentry Investment Management, and Signature Global Asset Management, were moved into the broader operating structure. WealthBar and Virtual Brokers were combined to form CI Direct Investing, while BBS Securities was renamed CI Investment Services. CI's private-wealth operations were organized under CI Private Wealth, and Assante's business was branded CI Assante Wealth Management. CI's operating model is organized around several principal businesses. CI Global Asset Management offers mutual funds, ETFs, private pools, and alternative strategies. CI Assante Wealth Management provides advice and wealth-planning services through advisors. CI Direct Investing combines digital investing, brokerage, and financial-planning capabilities. CI Investment Services supplies brokerage, custody, trading, and dealer services to portfolio managers, introducing brokers, and institutional clients. CI Private Wealth serves high-net-worth individuals and families, including through private-wealth advisory businesses in North America. The company expanded internationally through ownership interests and subsidiaries, including Grant Samuel Funds Management in Australia, Redpoint Investment Management, and United States registered investment-adviser businesses. Reference material reported approximately C$450 billion in assets under management and advisement in 2024, although the figure is time-specific and can change with market values, flows, and the scope of reporting. CI was formerly listed on the Toronto Stock Exchange as CIX and on the New York Stock Exchange as CIXX. In 2025, Mubadala Capital completed a take-private transaction after receiving the required regulatory approvals, ending CI Financial's public-company status. The transaction made CI a privately held member of the broader Mubadala investment group.
History
CI Financial began in 1965 as Universal Savings Fund Management Limited. For its first several decades it operated as a relatively small private investment firm. In 1994, it completed an initial public offering on the Toronto Stock Exchange under the name C.I. Fund Management. The initials represented Canadian International. During the following nine years, the company increased its scale substantially through expansion and acquisitions. Bill Holland became chief executive in 1999 and led the company for more than a decade. That year CI acquired BPI Financial for C$206 million, creating what was described as Canada's fifth-largest publicly traded mutual-fund company. In 2003, CI bought the Canadian operations of Assante Corporation for C$846 million, alongside two other transactions. The acquisitions enlarged CI's distribution network and helped move it into the position of Canada's second-largest fund-management company. In 2005, the company adopted the name CI Financial to signal that its activities extended beyond conventional mutual-fund management. CI broadened its financial-services platform in the late 2000s and early 2010s. It acquired Rockwater Capital in 2007 for C$250 million, adding investment-banking capabilities. In 2008, Sun Life Financial sold its 37 percent interest in CI to Scotiabank for C$2.3 billion. Scotiabank was seeking to reinforce its wealth-management operations. CI later acquired Hartford Investments' Canadian operations in 2010. Scotiabank sold most of its CI holding in 2014, with the change partly attributed to disagreements with CI management. The company reached a major scale milestone in June 2015, when its reported assets under management exceeded those of Mackenzie Investments and it became Canada's largest independent investment-management firm by that measure. Later in 2015, CI bought First Asset Capital Corp., entering and expanding its exchange-traded-fund business. In 2016, it acquired an 80 percent interest in Australia's Grant Samuel Funds Management, giving the group a stronger position in Australia and New Zealand. In 2017, CI acquired Sentry Investments for C$780 million, increasing its total assets by approximately 16 percent. It also bought BBS Securities, the parent of online brokerage Virtual Brokers, supporting its fintech and direct-investing ambitions. International and product expansion continued in 2019. CI acquired a 49 percent stake in Australian global-equities manager Redpoint Investment Management and bought the Canadian business of WisdomTree Investments. CI retained the WisdomTree ETF lineup and its existing investment objectives and strategies. These transactions complemented the group's earlier expansion into ETFs, digital brokerage, and specialist investment boutiques. Beginning in 2020, CEO Kurt MacAlpine oversaw a strategic restructuring. CI Investments and CI First Asset were brought together as CI Global Asset Management. The former boutique identities Cambridge Global Asset Management, Harbour Advisors, Sentry Investment Management, and Signature Global Asset Management were folded into the new structure rather than continuing as separate primary brands. Assante Wealth Management became CI Assante Wealth Management. CI acquired the remaining 25 percent of WealthBar and combined WealthBar with Virtual Brokers to create CI Direct Investing. BBS Securities was renamed CI Investment Services, while Stonegate Private Counsel and CI's United States registered investment-adviser businesses were organized within CI Private Wealth. CI also faced regulatory and investor-compensation matters. In 2004, the Ontario Securities Commission approved a settlement concerning market-timing trades by third parties in certain CI-managed mutual funds. CI agreed to pay C$49.3 million to affected investors. In 2016, CI reached a no-contest settlement relating to errors in the calculation of the net asset value of certain funds, involving interest earned from 2009 through 2015. The arrangement provided C$156 million to approximately 360,000 investors, together with an additional C$8 million voluntary payment to the commission. Reference material reported that CI had approximately C$450 billion in assets under management and advisement in 2024. CI was formerly listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX, and it had been included in the S&P/TSX Composite Index. In July 2025, the company announced that regulatory approvals for a Mubadala Capital take-private transaction had been obtained. The acquisition was completed in August 2025, with shareholders receiving a stated cash offer of C$32 per share under the arrangement. CI consequently ceased to be a public company and became part of the Mubadala investment group.
- 2025
CI becomes privately held
[1]Mubadala Capital completed a take-private transaction, ending CI Financial's public listing.
- 2020
Operating model reorganized
[1]CI consolidated and renamed several divisions, creating the current multi-platform structure around asset management, direct investing, dealer services, and private wealth.
- 2017
Sentry Investments and BBS Securities acquisitions
[1]CI acquired Sentry Investments and BBS Securities, expanding both investment management and online brokerage.
- 2016
Australian and New Zealand expansion
[1]CI purchased an 80 percent interest in Grant Samuel Funds Management.
- 2015
Expansion into ETFs
[1]CI acquired First Asset Capital Corp., adding a larger exchange-traded-fund capability.
- 2005
Company renamed CI Financial
[1]The new name reflected the company's expansion beyond its original fund-management identity.
- 2003
Assante Canadian operations acquired
[1]The purchase of Assante's Canadian operations strengthened CI's advice and distribution capabilities.
- 1999
BPI Financial acquisition
[1]CI acquired BPI Financial and substantially increased its position in Canada's public mutual-fund sector.
- 1994
Initial public offering
[1]The company went public on the Toronto Stock Exchange as C.I. Fund Management.
- 1965
Universal Savings Fund Management is established
[1]CI Financial traces its origins to the establishment of Universal Savings Fund Management Limited.
Products and positioning
A diversified, multi-channel investment and wealth-management platform with offerings ranging from retail funds and digital brokerage to institutional services and private wealth advice.
Asset management · 2020
CI Global Asset Management
CI's principal asset-management platform, formed from the combination of CI Investments and CI First Asset. It provides mutual funds, exchange-traded funds, private pools, alternative investments, and other managed strategies for retail, advisory, and institutional channels. Former boutique identities such as Cambridge Global Asset Management, Harbour Advisors, Sentry Investment Management, and Signature Global Asset Management were incorporated into the broader operating structure.
Wealth management · 2020
CI Assante Wealth Management
The rebranded Assante wealth-management business provides investment advice, financial planning, and related wealth services through an advisor-led model. It serves retail and affluent clients seeking ongoing portfolio guidance and broader financial planning.
Online brokerage and digital wealth management · 2020
CI Direct Investing
A direct-to-investor platform created through the combination of WealthBar and Virtual Brokers. Its capabilities include online brokerage, self-directed investing, digital wealth management, and financial-planning services.
Broker-dealer services · 2020
CI Investment Services
The renamed BBS Securities business supplies brokerage and trading services to portfolio managers, introducing brokers, and institutional investors. It supports professional investment firms that require market access and related dealer infrastructure.
Private wealth management · 2020
CI Private Wealth
A private-wealth platform serving high-net-worth individuals and families. It brings together Stonegate Private Counsel and CI's United States registered investment-adviser businesses, offering advice, portfolio management, planning, and related services.
Controversies
2016
Mutual-fund net asset value calculation settlement
CI reached a no-contest settlement after certain mutual-fund net asset values were calculated without properly accounting for interest earned during 2009–2015. The arrangement provided C$156 million to about 360,000 investors, plus an additional C$8 million voluntary payment to the Ontario Securities Commission.
2004
Market-timing settlement
The Ontario Securities Commission approved a settlement involving market-timing trades by third parties in certain CI-managed mutual funds. CI agreed to provide C$49.3 million to affected investors.
Brand decisions
2025
Accept Mubadala Capital's take-private transactionM&ABackground
CI was a publicly traded investment-management group with listings in Canada and the United States.
Action taken
After receiving regulatory approvals, CI completed a plan-of-arrangement transaction with Mubadala Capital and became privately held.
Aftermath
CI left the public markets and became part of the Mubadala investment group. Reference material stated that shareholders were to receive C$32.00 per share in cash.
Cash consideration per share. C$32.00 (2025 take-private transaction)
2020
Consolidate operating businesses under new platformsStrategyBackground
CI sought to simplify its brand architecture and connect its asset-management, digital-investing, dealer, and private-wealth capabilities.
Action taken
CI created CI Global Asset Management, CI Direct Investing, CI Investment Services, CI Private Wealth, and CI Assante Wealth Management through mergers, renamings, and organizational changes.
Aftermath
The reorganization reduced the prominence of several legacy boutique brands and created the group's current divisional structure.
2005
Adopt the CI Financial nameStrategyBackground
The company had expanded beyond its original mutual-fund-management activities.
Action taken
It changed its corporate name from C.I. Fund Management to CI Financial.
Aftermath
The name positioned the company as a broader investment and wealth-management group.
Recent events
CI Financial agrees to acquire Portola Partners[3]
Reported:
CI Financial announced that it is acquiring Portola Partners, a Menlo Park-based registered investment adviser with $5.2 billion in assets. The transaction was expected to close later that month, subject to regulatory approval and customary conditions; terms were not disclosed.
CI Financial announces acquisition of Budros Ruhlin & Roe[4]
Reported:
CI Financial announced that it is acquiring Columbus, Ohio-based registered investment adviser Budros Ruhlin & Roe, which has $3.4 billion in assets. The deal was expected to close by the end of 2021.
Galaxy Digital and CI Financial partner on Bitcoin ETF[5]
Reported:
Galaxy Digital and CI Financial partnered to launch the CI Galaxy Bitcoin ETF, which the report said might begin trading that week.
CI Financial announces acquisition of Roosevelt Investment Group[6]
Reported:
CI Financial announced its acquisition of the Roosevelt Investment Group, a New York firm with $2.7 billion under management. The article describes the deal as pending close.
CI Financial completes acquisition of Balasa Dinverno Foltz[7]
Reported:
CI Financial confirmed that it had closed its acquisition of Balasa Dinverno Foltz, a registered investment advisor based in Itasca, Illinois.
CI Financial completes acquisition of BDF[8]
Reported:
CI Financial announced that it completed its acquisition of Balasa Dinverno Foltz LLC, a private wealth management firm based in Itasca, Illinois.
CI Financial completes acquisition of Congress Wealth Management interests[9]
Reported:
CI Financial completed its acquisition of strategic interests in Congress Wealth Management, a U.S.-registered investment advisor firm. The transaction closed on July 2, 2020.
Sources9 sources
- 1CI Financialen.wikipedia.org
- 2CI Financial official websitecifinancial.com
- 3CI Financial宣布收购Portola Partnersinvestmentnews.com
- 4CI Financial宣布收购Budros Ruhlin & Roeinvestmentnews.com
- 5Galaxy Digital与CI Financial合作推出比特币ETFfinance.sina.com.cn
- 6CI Financial宣布收购Roosevelt Investment Groupinvestmentnews.com
- 7CI Financial完成对Balasa Dinverno Foltz的收购wealthmanagement.com
- 8CI Financial完成对BDF的收购prnewswire.com
- 9CI Financial完成收购Congress Wealth Management权益prnewswire.com
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