CI Financial Corp. and R.H. Bluestein & Co. announced an agreement under which CI will acquire a majority interest in Bluestein, a Birmingham and New York City-based private client firm overseeing $4.1 billion in assets.
“We see tremendous opportunity in joining with Bluestein,” says Kurt MacAlpine, CEO of CI Financial. “Over the past 30 years, they have done an exceptional job serving the needs of high-net-worth and ultra-high-net-worth families. Their focus is on delivering a world-class client experience with customized risk management and an unparalleled commitment to clients at its core.
“Bluestein exemplifies the quality, expertise and professionalism of the firms within CI Private Wealth and advances our goal of building the leading private wealth platform in the United States.”
Bluestein will be CI’s first registered investment advisor (RIA) in the metro Detroit area and in Michigan, strengthening its substantial presence in the Midwest, where CI RIAs currently manage approximately $35 billion.
With the closing of recently announced transactions, CI’s assets in its U.S. wealth management business are expected to reach $87.5 billion, and total global assets are expected to reach $264 billion.
“We are impressed with the business that CI has developed in the U.S. and the high caliber of the people and companies in the group,” says Robert Bluestein, president of Bluestein. “We believe this partnership provides a unique platform upon which we can continue to deliver a positive client experience for years to come.”
Founded in 1990, Bluestein is led by Robert and Jeffrey N. Bluestein and specializes in delivering tailored services to individuals, trusts, and multigenerational families.
The transaction is expected to close later this quarter, subject to regulatory and other customary closing conditions. Proskauer Rose LLP, Bodman PLC, and Cambridge International Partners LLC served as advisors to Bluestein. CI was advised by Hogan Lovells US LLP.