Investment Management Firm CI Financial Corp has acquired Northwood, a privately-owned boutique family office in Canada.
Based in Toronto, Northwood is one of the first family offices that were established in Canada. The family office manages the investments and finances of Canadian, as well as global families with $2.2 billion investment assets and a net worth of $9 billion.
“Northwood is a great complement to our Canadian CI Private Wealth business and together they form a strong foundation for building the country’s leading high-net-worth and ultra-high-net-worth platform,” said chief executive office at CI, Kurt MacAlpine.
“With the addition of one of Canada’s leading family offices, CI can now seamlessly serve the entire spectrum of wealth management, from beginning investors to the nation’s wealthiest families.”
“CI is an exceptional strategic and cultural fit for our firm as we move to a new stage in Northwood’s growth and development,” said Tom McCullough, Northwood’s chairman and chief executive officer. “We take a comprehensive, integrated and objective approach to meeting our clients’ needs, an approach that’s shared and valued by CI and its wealth management teams in both Canada and the US,” he added.
Northwood is also a founding member of the Wigmore Association, which is a group of leading family offices that was created in 2011. With the acquisition, CI’s Canadian wealth management is expected to increase to $81 billion, with a its total global assets reaching approximately $377 billion.
‘FB ROUNDUP: NORTHWOOD FAMILY OFFICE, INDITEX, ALAN HOWARD‘- Campden FB
