Morristown-based wealth planning services company RegentAtlantic will be acquired by CI Financial Corp. of Miami. Financial terms were not disclosed.
RegentAtlantic, a registered investment adviser with $6 billion in assets under management, will see all partners become equity partners in CI Private Wealth. As part of the transaction, Fiduciary Network LLC, which first invested in RegentAtlantic in 2007, exchanged convertible indebtedness of Regent into nonconvertible, unsecured, fixed-interest indebtedness of CI Financial with a term of three years, subject to early repayment rights of FN and prepayment rights of CI Financial.
“RegentAtlantic’s success stems from a disciplined wealth management process focused on the distinct needs of high net worth clients, an approach that has created deep client loyalty and contributed to the firm’s strong growth,” said Kurt MacAlpine, CI’s CEO. “RegentAtlantic is a great strategic and cultural fit with the existing firms and leadership within CI Private Wealth, and fully supports our vision of building the country’s leading wealth management firm.”
“There is an ever-growing need for quality financial advice, and that presents an opportunity for firms like ours. CI Private Wealth will be the ideal partner for our team as we embark on the next phase of our growth and development,” said George Stapleton, CEO of RegentAtlantic. “We look forward to working with our CI Private Wealth colleagues, who represent some of America’s other leading RIAs, and are confident this collaboration will benefit our team and our clients.”
RegentAtlantic will deepen CI’s presence on the East Coast and be CI’s third RIA affiliate with an office in New York City.
This transaction is expected to close later this month, subject to regulatory and other customary closing conditions. The Asset & Wealth Management Investment Banking Group of Raymond James & Associates Inc. served as advisers to RegentAtlantic. CI was advised by Hogan Lovells US LLP.
