At times a point of great pride, at others a source of significant debt, there’s never a dull moment when it comes to CI Financial’s still-developing stateside wealth management business.
Leaders from the Canadian asset manager spent significant time discussing its U.S. wealth ambitions while recapping a busy second quarter that involved more acquisitions, a change of IPO plans and some behind-the-scenes rebranding efforts.
“Our U.S. wealth management segment reported exceptional results, with year-over-year adjusted EBITDA growth of 42% for the first half of the year. Organic growth continued to be strong, with robust net flows,” CI Financial CEO Kurt MacAlpine said in a second-quarter earnings statement released Thursday. “These results reflect the outstanding quality of the business and the progress we have made in integrating our acquired firms and leveraging our size and scale to enhance our capabilities and services.
“We continue to build on that success, acquiring three RIA firms in the past three months, adding approximately $14.2 billion in assets.”
Scroll down to see the most important wealth management takeaways from CI Financial’s Q2 earnings report. To see previous CI Financial earnings coverage, click here and here.
Note: CI Financial discloses its quarterly returns in Canadian dollars. Unless otherwise mentioned, all figures are in Canadian rather than U.S. dollars.