History
CI Financial was founded in 1965 as Universal Savings Fund Management Limited.[8] It was a small private investment firm until 1994, when it held an IPO on the Toronto Stock Exchange as C.I. Fund Management (the C.I. stood for Canadian International).[9] In the next 9 years, it increased in size by 10 times.[9] In 1999, Bill Holland became CEO of the company, a position that he was to hold for more than 10 years.[9] Also in 1999, the company acquired BPI Financial Corp. for $206 million, creating Canada's fifth-largest public mutual fund company.[10] In 2003, CI purchased the Canadian operations of financial firm Assante Corporation. for $846 million.[11] As a result of this acquisition, and two others at the same time, CI became the second largest fund management company in Canada.[11]
In 2005, CI changed its name to CI Financial, to reflect the diversity of its activities.[12] In 2007, it acquired Rockwater Capital for $250 million.[13] This deal allowed CI to expand into the investment banking business.[13] In 2008, Sun Life Financial sold its 37% ownership in CI to Scotiabank for $2.3 billion.[14] Scotiabank made the purchase to strengthen its relatively weak wealth management business.[14] Sun Life had held the stake until before 2003. In 2010, CI acquired Hartford Investments' Canadian operations.[15] In 2014, Scotiabank sold most of its stake in CI, in part due to conflicts with the management of the company.[16]
In June 2015, CI achieved $140.4 billion in managing assets surpassing Mackenzie Investments ($136.0 billion) in becoming the largest independent investment management firm in Canada.[17][18] In November, CI acquired First Asset Capital Corp., allowing it to expand into offering exchange-traded funds.[19]
In November 2016, CI acquired an 80% stake in an Australian investment firm Grant Samuel Funds Management expanding CI's presence in the Australian and New Zealand markets.[20]
In August 2017, CI acquired one of Canada's largest independent investment management firm Sentry Investments for $780 million increasing CI's total assets by 16%.[21] In September, CI acquired BBS Securities Inc., parent company of online brokerage Virtual Brokers, due to its investment in Fintech.[22]
In October 2019, CI acquired a 49% stake in an Australian global equities firm Redpoint Investment Management further expanding CI in the Australian market.[23] In November, CI acquired the Canadian arm of US exchange-traded fund powerhouse WisdomTree Investments. CI maintained the lineup of Wisdomtree ETFs with no changes to their investment objectives or strategies.[24]
In 2020, CI underwent strategic restructuring under the leadership of CEO Kurt MacAlpine. The main division of CI was rebranded to CI Global Asset Management with the merger of former main division CI Investments, and CI First Asset Capital.[25] In house boutiques branding under CI Investments were phased out and will operate under CI Global Asset Management.[25] The affected CI Investment boutique brands were Cambridge Global Asset Management, Harbour Advisors, Sentry Investment Management, and Signature Global Asset Management.[25] CI's wealth management division Assante Wealth Management was renamed CI Assante Wealth Management. CI acquired the remaining minority 25% stake in WealthBar allowing the creation of the new division CI Direct Investing.[26] CI Direct Investing was introduced with the merger of WealthBar and Virtual Brokers.[26] CI's broker dealer BBS Securities was renamed CI Investment Services.[27] CI's Stonegate Private Counsel alongside CI's U.S. RIA businesses formed CI Private Wealth.[28]
In July 2025, CI Financial announced that it had received all regulatory approvals required to complete a take-private transaction under a plan of arrangement with Mubadala Capital.[29] In August 2025, CI Financial was acquired by the state-owned Emirati Mubadala Investment Company and turned private.[7] Under the terms of the transaction, shareholders were to receive C$32.00 per share in cash, representing a premium of 33% over the last closing price and 58% over the 60-day volume-weighted average trading price.[30][31]
