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CI Financial
CI Financial is a Canadian investment management company based in Toronto, Ontario. It offers investment management and wealth management services targeted to high net worth retail investors, as well as brokerage and trading services to portfolio managers and institutional investors.
It is considered one of the Big Three investment management companies in Canada, along with Mackenzie Investments and Fiera Capital.
As of 2024[update], it has a total of $450.0 billion in assets under management and advisement. It was listed on the Toronto Stock Exchange as TSX: CIX, the New York Stock Exchange as NYSE: CIXX and was also a component of the S&P/TSX Composite Index before going private in 2025.
CI Financial was founded in 1965 as Universal Savings Fund Management Limited. 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). In the next 9 years, it increased in size by 10 times. In 1999, Bill Holland became CEO of the company, a position that he was to hold for more than 10 years. Also in 1999, the company acquired BPI Financial Corp. for $206 million, creating Canada's fifth-largest public mutual fund company. In 2003, CI purchased the Canadian operations of financial firm Assante Corporation. for $846 million. As a result of this acquisition, and two others at the same time, CI became the second largest fund management company in Canada.
In 2005, CI changed its name to CI Financial, to reflect the diversity of its activities. In 2007, it acquired Rockwater Capital for $250 million. This deal allowed CI to expand into the investment banking business. In 2008, Sun Life Financial sold its 37% ownership in CI to Scotiabank for $2.3 billion. Scotiabank made the purchase to strengthen its relatively weak wealth management business. Sun Life had held the stake until before 2003. In 2010, CI acquired Hartford Investments' Canadian operations. In 2014, Scotiabank sold most of its stake in CI, in part due to conflicts with the management of the company.
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. In November, CI acquired First Asset Capital Corp., allowing it to expand into offering exchange-traded funds.
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.
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%. In September, CI acquired BBS Securities Inc., parent company of online brokerage Virtual Brokers, due to its investment in Fintech.
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CI Financial
CI Financial is a Canadian investment management company based in Toronto, Ontario. It offers investment management and wealth management services targeted to high net worth retail investors, as well as brokerage and trading services to portfolio managers and institutional investors.
It is considered one of the Big Three investment management companies in Canada, along with Mackenzie Investments and Fiera Capital.
As of 2024[update], it has a total of $450.0 billion in assets under management and advisement. It was listed on the Toronto Stock Exchange as TSX: CIX, the New York Stock Exchange as NYSE: CIXX and was also a component of the S&P/TSX Composite Index before going private in 2025.
CI Financial was founded in 1965 as Universal Savings Fund Management Limited. 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). In the next 9 years, it increased in size by 10 times. In 1999, Bill Holland became CEO of the company, a position that he was to hold for more than 10 years. Also in 1999, the company acquired BPI Financial Corp. for $206 million, creating Canada's fifth-largest public mutual fund company. In 2003, CI purchased the Canadian operations of financial firm Assante Corporation. for $846 million. As a result of this acquisition, and two others at the same time, CI became the second largest fund management company in Canada.
In 2005, CI changed its name to CI Financial, to reflect the diversity of its activities. In 2007, it acquired Rockwater Capital for $250 million. This deal allowed CI to expand into the investment banking business. In 2008, Sun Life Financial sold its 37% ownership in CI to Scotiabank for $2.3 billion. Scotiabank made the purchase to strengthen its relatively weak wealth management business. Sun Life had held the stake until before 2003. In 2010, CI acquired Hartford Investments' Canadian operations. In 2014, Scotiabank sold most of its stake in CI, in part due to conflicts with the management of the company.
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. In November, CI acquired First Asset Capital Corp., allowing it to expand into offering exchange-traded funds.
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.
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%. In September, CI acquired BBS Securities Inc., parent company of online brokerage Virtual Brokers, due to its investment in Fintech.
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