Silicon Valley Wealth Manager Portola Bought for $5.2 Billion

<p><strong>TORONTO &amp&semi; MENLO PARK<&sol;strong> &&num;8212&semi; Canadian-based CI Financial Corp&period; has agreed to acquire Portola Partners&comma; a Silicon Valley wealth management firm specializing in meeting the distinct needs of ultra-high-net-worth families&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Portola Partners manages US&dollar;5&period;2 billion in assets and provides comprehensive investment and wealth planning solutions to respected families with complex&comma; unique requirements&period; It has developed substantial expertise at the intersection of investments and tax&comma; wealth transfer&comma; estate and charitable planning&period; Many of Portola’s clients live in the San Francisco Bay area and include technology company founders&comma; executives and venture capitalists&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Portola’s expertise and client focus have earned them the loyalty and trust of some the country’s most successful wealth creators&comma; and we are thrilled to have the team join CI&comma;” said Kurt MacAlpine&comma; CI Chief Executive Officer&period; &OpenCurlyDoubleQuote;Portola has developed wide-ranging capabilities to address the multifaceted needs of ultra-high-net-worth families&comma; from intellectually rigorous&comma; endowment-style investment management to complex tax planning to a wide range of family office services&period; The Portola team and model will be valuable in fostering the development of our ultra-high-net-worth offering across CI Private Wealth&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Joining with such a premier group is a big step forward in delivering on our two-part mission&comma; doing what is right for our deeply valued clients and for our exceptional team&comma;” said Zack Herlick&comma; Portola Co-Managing Partner&period; &OpenCurlyDoubleQuote;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&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;CI Private Wealth’s wisely crafted professional services partnership model provides an unusually attractive&comma; long-term growth opportunity for our future generations of advisors and leaders&comma;” said Steve Rehmus&comma; Portola Co-Managing Partner&period; &OpenCurlyDoubleQuote;We have been very impressed with the quality of our new colleagues at CI and at the other well-managed&comma; healthily growing CI Private Wealth firms&period; 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&period;”<&sol;p>&NewLine;<p>With this transaction&comma; CI expands its presence into the San Francisco Bay Area&comma; an important region of technology-driven wealth creation&period;<&sol;p>&NewLine;<p>Following the completion of this and other outstanding acquisitions&comma; CI’s U&period;S&period; wealth management assets are expected to reach approximately US&dollar;82 billion &lpar;C&dollar;103 billion&rpar;&comma; with CI’s total assets globally reaching approximately US&dollar;263 billion &lpar;C&dollar;331 billion&rpar;&period;<&sol;p>&NewLine;