CI Financial scales up with a $780 million acquisition of Sentry

Sentry will remain a standalone brand within the CI family, CI CEO says.

Neil Jonatan 11 August, 2017 | 5:00PM

 CI Financial Corp. (CIX) has announced that it will acquire Sentry Corp. in a $780-million deal that combines two of Canada's largest independent active asset managers -- scaling CI’s assets under management by 16%, from $120.4 billion to approximately $140 billion and growing its total assets (assets under management plus assets under advisement) to approximately $180 billion.

The transaction is expected to close on or about Sept. 29, 2017, subject to regulatory approvals.

"The combined company will enjoy greater scale, which is key to being competitive in the investment industry today," said Peter W. Anderson, CI's chief executive officer, in a press release. "We’re a large Canadian independent firm that has the scale to be able to compete, with exceptional portfolio managers, an excellent sales team and a real independent focus."

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
CI Financial Corp18.04 CAD0.17

About Author

Neil Jonatan

Neil Jonatan  Neil Jonatan is a Toronto-based financial writer specializing in student finance, currently enrolled in the Journalism program at Ryerson University.

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