TORONTO & MENLO PARK — Canadian-based CI Financial Corp. has agreed to acquire Portola Partners, a Silicon Valley wealth management firm specializing in meeting the distinct needs of ultra-high-net-worth families.
Portola Partners manages US$5.2 billion in assets and provides comprehensive investment and wealth planning solutions to respected families with complex, unique requirements. It has developed substantial expertise at the intersection of investments and tax, wealth transfer, estate and charitable planning. Many of Portola’s clients live in the San Francisco Bay area and include technology company founders, executives and venture capitalists.
“Portola’s expertise and client focus have earned them the loyalty and trust of some the country’s most successful wealth creators, and we are thrilled to have the team join CI,” said Kurt MacAlpine, CI Chief Executive Officer. “Portola has developed wide-ranging capabilities to address the multifaceted needs of ultra-high-net-worth families, from intellectually rigorous, endowment-style investment management to complex tax planning to a wide range of family office services. The Portola team and model will be valuable in fostering the development of our ultra-high-net-worth offering across CI Private Wealth.”
“Joining with such a premier group is a big step forward in delivering on our two-part mission, doing what is right for our deeply valued clients and for our exceptional team,” said Zack Herlick, Portola Co-Managing Partner. “CI’s quality and scale will allow us to broaden and deepen the array of best-in-class services we offer to discerning families with sophisticated needs and wants.”
“CI Private Wealth’s wisely crafted professional services partnership model provides an unusually attractive, long-term growth opportunity for our future generations of advisors and leaders,” said Steve Rehmus, Portola Co-Managing Partner. “We have been very impressed with the quality of our new colleagues at CI and at the other well-managed, healthily growing CI Private Wealth firms. This highly professional and collegial group is well suited to deliver on CI’s strategic vision to build the leading private wealth platform in North America.”
With this transaction, CI expands its presence into the San Francisco Bay Area, an important region of technology-driven wealth creation.
Following the completion of this and other outstanding acquisitions, CI’s U.S. wealth management assets are expected to reach approximately US$82 billion (C$103 billion), with CI’s total assets globally reaching approximately US$263 billion (C$331 billion).
