CI Financial Buys Chicago RIA and Asset Manager Overseeing $23 Billion
Canadian asset manager CI Financial Corp. will acquire Segall Bryant & Hamill, LLC, a Chicago-based registered investment advisor and asset manager overseeing roughly $23 billion, according to an announcement on Monday.
The deal marks CI’s 14th U.S. RIA purchase, including sub-acquisitions by CI-affiliated RIAs, since it closed its first deal in the country in January 2020.
On a standalone basis, SBH’s retail RIA business, with $6 billion in assets under management, would be CI’s largest U.S. acquisition by asset size. The remainder of SBH’s $23.1 billion includes institutional assets or funds it advises.
“Acquiring Segall Bryant & Hamill is a major step forward as we continue our U.S. expansion,” Kurt MacAlpine, chief executive at CI, said in a prepared statement.
SBH, which was founded in 1994, has 122 employees and additional offices in Denver, St. Louis, Philadelphia and Naples, FL.
SBH’s leadership, including Chief Executive Philip Hildebrandt, will remain in place, according to the announcement.