CI Financial Corp. completes purchase of 75% of WealthBar

CI Financial Corp. has acquired 75% of WealthBar’s issued and outstanding common shares.

WealthBar is a leading Canadian online wealth management and financial planning platform offering premium online investing portfolios and low-fee ETFs, along with unlimited commission-free advice. Founded by Tea and Chris Nicola in 2014, WealthBar offers a diverse service and product offering that combines technology with human advisors for a personalized experience. This “hybrid model” provides the opportunity for engagement between clients and advisors depending on the wealth planning services required. WealthBar will continue to operate as a stand-alone business.

Established in 1965, CI Financial Corp. (TSX: CIX) is one of the largest investment companies in Canada. CI is an independent Canadian company offering global asset management and wealth management advisory services. It had approximately $166.1 billion in fee-earning assets as of December 31, 2018. The firm’s primary operating businesses are CI Investments Inc., Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, Grant Samuel Funds Management Pty Ltd. of Australia, First Asset Investment Management Inc., and BBS Securities Inc.

Osler, Hoskin & Harcourt LLP represented WealthBar with a team comprising Mark Longo, Patrick Sullivan and Tara Folk (Corporate), Adam LaRoche (Employment & Labour), Lori Stein (Investment Funds and Asset Management), Sam Ip (Technology) and Dov Begun (Tax).

Blake, Cassels & Graydon LLP acted as legal counsel to CI Financial Corp. with a team comprising Rory ffrench, Michael Elder and Yasmina Mavani (Corporate), Stacy McLean and Jordan Knowles (Securities Regulation), Julie Soloway and Fraser Malcolm (Competition), Paul Belanger (Financial Services Regulation) and Jeffrey Shafer (Tax).