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CI Financial Plans IPO Of U.S. Wealth Business

CI Financial Corp. (CIX) plans to spin off its U.S. wealth-management unit in an initial public offering (IPO).

The Toronto-based firm said it will sell as much as 20% of the business through an IPO and will file a prospectus with the U.S. Securities and Exchange Commission (SEC) later this year. CI Financial said it will use the proceeds raised to pay down debt.

CI’s U.S. wealth business, which opened a Miami office last year, made more than 30 acquisitions since entering the American market in 2020. The company quickly ramped up assets, which now total $133 billion U.S. after all those deals, according to the company.

CI Financial said it now expects the pace of deals to slow somewhat. However, the company said it plans to continue growing its wealth management business organically and through mergers and acquisitions.