Corient, the Miami-based fee-only registered investment advisor, plans to expand into Canada by taking over the businesses of its parent company, CI Financial. The RIA plans to launch in the country in June with about CA$10 billion ($7.3B) in client assets, subject to regulatory approvals.
The expansion will include assets and advisors from CI Financial’s previously acquired firms, Northwood Family Office and Coriel Capital, as well as select CI Private Wealth advisors, who will become Corient Partners, according to an announcement.
“We see a clear gap in the Canadian market for a global independent wealth manager capable of delivering the comprehensive advice required by wealthy individuals and families—including investment management, wealth strategy and family office solutions,” Corient and CI Financial CEO Kurt MacAlpine said in a statement.
The expansion adds to Corient’s push to further expand into the U.K., the Middle East and Africa through agreements for three multi-billion-dollar acquisitions. The firm is currently working to finalize deals with those European wealth management firms: Stonehage Fleming, Stanhope Capital Group and the Bedrock Group.
With the Canadian launch, Corient would manage and administer a total of CA$650 billion ($470B) in client assets globally across multi-family office and ultra-high-net-worth individuals and families.
Corient was formed in 2023 as the rebranded U.S. wealth management business of CI Financial, a wealth and asset manager. Originally entering the market in 2019, CI Financial has been a voracious acquirer of RIAs and advisor breakaways, building up to more than 260 partner firms, primarily custodied with Charles Schwab and Fidelity. Last year, the Toronto-based firm officially closed a deal to be taken private by alternative asset manager Mubadala Capital, after previously being listed on the Toronto Stock Exchange. The firm acquired Northwood Family Office in 2022 and Coriel Capital in 2023.
Now, the Corient brand will have stronger positioning across CI Financial’s wealth management businesses, though some CI Private Wealth advisors will remain, according to the company. CI Financial also runs broker/dealer and direct lending businesses in Canada, in addition to its global asset management business, which works across traditional and alternative investments.
MacAlpine has extolled the private partnership model as allowing advisors to share expertise and resources across investment management, wealth strategy, trust and estate planning, and family office services.
“In just six years, we have become the largest integrated wealth management firm in the U.S., are establishing a significant presence across EMEA, and are now entering Canada,” MacAlpine said.
The firm is competing against other rapidly growing fee-only and fee-based RIAs, including Creative Planning, Hightower, Mariner and Wealth Enhancement, among others.
