TORONTO, Oct. 26 /CNW/ -- CI Financial Corp. ("CI") today announced it has reached an agreement to sell Blackmont Capital Inc. to Macquarie Group.
Blackmont is a full-service investment dealer and its wealth management division supports a network of over 130 investment advisors who provide a range of services to retail clients. CI is retaining Blackmont's capital markets division, which provides quality independent research, experienced equity sales coverage and specialized trade execution to institutional clients, and investment banking services to corporate clients.
"We are pleased to reach this agreement with Macquarie Group, a highly regarded global financial services company," said William T. Holland, CI Chief Executive Officer. "Macquarie will provide an excellent home with strong support for Blackmont's retail advisors, and foster the continued growth of their practices."
Mr. Holland continued: "CI maintains a leading presence in the Canadian retail financial advisory business through Assante Wealth Management, one of Canada's largest such firms with about 800 financial advisors. Meanwhile, Blackmont's capital markets division remains a unique and important element in CI's mix of businesses."
CI expects the transaction to close on December 31, 2009, subject to receipt of regulatory approval.
CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth management company with approximately $93.8 billion in fee-earning assets at September 30, 2009. CI offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.ci.com/cix.