CI Private Wealth to Add Trust Services – Financial Advisor IQ

CI Financial’s subsidiary CI Private Wealth is forming a trust company in a bid to expand services for wealthy clients.

CIPW has applied for a charter to form CI Trust, a South Dakota trust company, which will offer administrative trust solutions to CIPW clients, according to the firm.

Canada’s CI Financial entered the U.S. wealth management space in January 2020 and through aggressive acquisitions has bolstered its U.S. assets to around $134 billion as of the end of March, the company says.

The CI Private Wealth brand was set up as part of the firm’s U.S. growth strategy and aimed “to represent its high-net-worth and ultra-HNW advisory businesses,” the company said in 2020.

Last month, CI announced that it’s planning to sell up to 20% of it through a U.S. initial public offering to pay down debt, as reported.

“Establishing CI Trust is an important step in our mission of building the country’s leading wealth management firm for ultra-high-net-worth and high-net-worth investors,” Kurt MacAlpine, chief executive officer of CI, said in a statement.

“It will build on other successful enhancements to our service offerings, such as the launch earlier this year of our Family Office Services platform, which completed approximately 1,000 tax returns for our clients in its first year of operation,” he added.

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