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Congress Wealth Management, LLC (CWM) has acquired Pinnacle Advisory Group, Inc., boosting its size by 70% with $2.4 billion in assets, bringing total assets to $5.8 billion. The acquisition, finalized on April 30, 2021, expands CWM's footprint to new markets, including the East Coast and South Florida. CI Financial Corp., which holds a significant stake in CWM, supported the transaction, which enhances CWM's financial planning and investment services. CI's U.S. assets are expected to reach approximately $58 billion post-acquisition, part of a broader strategy of growth through acquisitions.
CI Financial Corp. (TSX: CIX; NYSE: CIXX) announced the completion of its acquisition of three U.S. registered investment advisor firms, adding approximately US$31 billion in assets. The acquired firms—Segall Bryant & Hamill, Barrett Asset Management, and Brightworth—will elevate CI's U.S. assets to C$70 billion (US$56 billion) and total assets under management to C$280 billion (US$223 billion). This growth follows a strategic direction aimed at modernizing asset management and expanding wealth services since November 2019, with 16 acquisitions in the past 15 months.
CI Financial Corp. (TSX: CIX; NYSE: CIXX) will release its Q1 2021 financial results on May 13, 2021. The conference call, headed by CEO Kurt MacAlpine and CFO Douglas Jamieson, is scheduled for 9:00 a.m. ET and will be accessible via a webcast or by phone. As of March 31, 2021, CI managed approximately C$240.6 billion (US$191.5 billion) in client assets. CI is an independent asset and wealth management firm with operations in both Canada and the U.S.
CI Global Asset Management announced the approval of the merger between CI Galaxy Bitcoin Fund (TSX: BTCG) and CI Galaxy Bitcoin ETF (TSX: BTCX). Scheduled for May 7, 2021, the merger will be executed on a taxable basis, impacting unitholders' tax positions. Unitholders of BTCG will receive equivalent value in the ETF's US$ Series. The ETF features the lowest management fee at 0.40% and a capped management expense ratio of 0.95%. CI GAM covers merger costs, while both funds share the same investment strategy and management team.
CI Global Asset Management has announced the termination of the CI First Asset Long Duration Fixed Income ETF, effective immediately. The Fund's units were delisted from the Toronto Stock Exchange on April 21, 2021. Unitholders will receive a confirmed income distribution of $0.0363 per unit on April 26, 2021, alongside the liquidation proceeds. The Fund's final net asset value of $19.7677 per unit will also be distributed without additional action required from holders.
CI Global Asset Management announced significant updates to its ETF lineup, including renaming 35 ETFs to align with the CI brand. This change aims to strengthen brand identity following the growth of its ETF business to $12.5 billion in assets as of March 31, 2021. The enhancements reflect CI GAM's commitment to modernizing its offerings, which now include innovative options like bitcoin and Ethereum ETFs.
CI Global Asset Management announced a temporary waiver of the 0.40% management fee for its CI Galaxy Ethereum ETF (ETHX) effective immediately until June 15, 2021. This move positions ETHX as the lowest-fee Ether ETF globally, enhancing investor appeal at launch on April 20, 2021. After the waiver period, the fee will revert to 0.40%. ETHX aims to provide straightforward access to Ether trading, with investments directly in Ether priced via the Bloomberg Galaxy Ethereum Index.
CI Global Asset Management and The Empire Life Insurance Company have launched the CI Empire Life Concentric GIF, a new segregated fund contract aimed at providing Canadian investors with enhanced investment options. The Concentric GIFs combine mutual fund benefits with insurance guarantees, promoting risk management and growth potential in a low-interest environment. The funds offer maturity and death benefits and are available for various accounts, simplifying estate planning. CI GAM’s extensive fund selection includes 22 mandates, catering to diverse investment preferences.
CI Global Asset Management has announced regular cash distributions for April 2021 across various CI ETFs. These distributions will be paid by April 30, 2021, to unitholders recorded on April 26, 2021, with an ex-dividend date of April 23, 2021, except for the CI First Asset High Interest Savings ETF, which has an ex-dividend date of April 26, 2021. The distribution amounts vary by ETF, ranging from $0.0150 to $0.0999 per unit. Investors can enroll in the CI Distribution Reinvestment Plan (DRIP) for automatic reinvestment of distributions.
CI Financial Corp (TSX: CIX, NYSE: CIXX) reported record preliminary assets under management of $138.5 billion as of March 31, 2021, marking a 54.5% year-over-year increase. Wealth management assets reached $102.1 billion, with significant growth in both Canadian (up 128.9% year-over-year) and U.S. segments. March alone saw an increase of $4.2 billion or 1.8%. The company's net flows improved considerably, marking the best quarter since Q3 2017. CI's acquisitions of three RIAs are projected to add approximately $39 billion to U.S. assets upon completion.
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