More than 2,000 clients will transfer to CI Direct Trading
The CI Investment Services Inc. (CIIS) subsidiary of CI Financial Corp. is to acquire approximately $250 million in assets under administration from Laurentian Bank Securities’ discount brokerage division.
The deal means that 2,050 client accounts will be transferred from Laurentian to the CI Direct Trading online self-directed platform that is part of CIIS.
“This transaction highlights our commitment to the continued growth of our online investment businesses, and to serving Canadians across the full spectrum of wealth management – from self-directed investors to those requiring comprehensive service and advice to meet complex needs,” said Christopher J. Enright, EVP and co-head of Wealth, Canada, for CI Financial.
No financial details of the deal were disclosed but it is expected to close by the end of 2024, subject to the usual regulatory approvals, upon which the transfer of clients between the two firms will take place.
CI Direct Trading offers a range of accounts and options for self-directed investors with institutional-grade platforms for more active traders and a range of tools and resources.
For Laurentian the sale of the discount brokerage assets ties in with the bank’s commitment to the simplification of its business as part of a restructuring process that will allow it to focus on its strategic plan and concentrate on core strengths.
