The details of the proposed listing in New York are confidential currently
CI Financial has announced its latest asset stats and given an update on its plan to offer at least part of its US wealth management business on the US stock market.
The Toronto-based firm announced in November that it planned to split its Canadian and US business units as part of investor confidence boosting measures amid large debts and international growth strategy.
The latest announcement gives few details about the proposed initial public offering (IPO) for the US wealth management business, as the draft S-1 filing with the SEC is confidential.
“The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions,” the firm’s statement reads.
CI’s chief executive, Kurt MacAlpine, told Wealth Professional last month that the plan to cut debt and split the business units should ensure a bright future for the firm.
“The elements of our strategy, I believe, will continue to remain intact beyond the next couple of years,” he said. “Maybe the specific initiatives that we are pursuing in the strategy will change as we make progress and check things off of our list.”
The firm has made several acquisitions as part of an aggressive growth strategy south of the border, mostly registered investment advisor (RIA) firms managing money for American millionaires.
Asset record
The US acquisitions have helped boost CI’s month-end asset tally to a new high.
It announced Thursday that preliminary total assets were $384.9 billion as at November 30, 2022.
The total consisted of asset management assets of $121.7 billion, Canadian wealth management assets of $79.9 billion, and US wealth management assets of $183.3 billion.
