Corient, the rebranded U.S. wealth administration enterprise of CI Monetary, introduced plans to amass H.M. Payson & Co., a Portland, Maine-based registered funding advisor with $7.9 billion in whole property. That features $1.2 billion in belief property dealt with by means of HMP’s Maine chartered belief firm.
Phrases of the deal, anticipated to shut in 2025, weren’t disclosed.
HMP was based in 1854 and is taken into account the biggest RIA in Maine. The agency will function Corient’s first location within the state.
“By becoming a member of Corient, we are able to instantly provide extra to our shoppers whereas staying true to the ideas which have guided us for generations,” Daniel Lay, president and managing director at HMP, stated in an announcement. “We have been additionally impressed by Corient’s non-public partnership, which fosters collaboration and ensures that assets and experience from throughout the agency will probably be out there to serve our shoppers.”
Corient is a subsidiary of CI Monetary, the publicly-traded Toronto-based asset and wealth administration firm. Corient has grown to over 250 companions, 1,000 workers and about $184 billion in consumer property.
CI Monetary entered the U.S. wealth market about 4 years in the past and has acquired dozens of corporations since then. Final 12 months, these RIAs have been introduced underneath the seven-month-old Corient model and onto a single know-how stack with centralized reporting.
In November, CI announced a $3.4 billion deal to take the agency non-public with Mubadala Capital, the choice asset administration arm of Mubadala Funding Firm.
