CI Financialaffiliate CI Private Wealth forms a trust company in an effort to expand services to wealthy clients.
CIPW has applied for a charter to form CI Trust, a South Dakota trust company, which will provide administrative trust solutions to CIPW clients, according to the company.
Canadian firm CI Financial entered the U.S. wealth management space in January 2020 and, through aggressive acquisitions, grew its U.S. assets to around $134 billion by the end of March, according to the firm.
The CI Private Wealth brand was created as part of the company’s U.S. growth strategy and was intended “to represent its high net worth and ultra-HNW advisory businesses,” the company said in 2020.
Last month, CI said it planned to sell up to 20% of it through an initial public offering in the United States to pay off debt, as reported.
“The creation of CI Trust is an important step in our mission to build the nation’s leading wealth management firm for ultra-rich and high-net-worth investors. Kurt MacAlpineCEO of CI, said in a statement.
“It will build on other successful enhancements to our service offerings, such as the launch earlier this year of our Family Office Services platform, which completed approximately 1,000 tax returns for our clients in its first year. operating,” he added.
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