CI Financial completes acquisition of BBS Securities
TORONTO (November 1, 2017) – CI Financial Corp. (“CI”) announced today that it has completed its acquisition of BBS Securities Inc. and associated entities. This acquisition includes Pario Technology Corp., a financial technology company, and Virtual Brokers, a top-ranked online brokerage (collectively, “BBS”).
“We are pleased to welcome the BBS team to the CI Financial group,” said Peter W. Anderson, CI’s Chief Executive Officer. “BBS has developed one of the most advanced and efficient platforms in the market today. CI’s strength and stability will support the continued growth and development of BBS’s core businesses, while the BBS expertise and technology will help other CI companies enhance their products and services to meet the changing needs of investors and advisors.”
The terms of the transaction were not disclosed.
About CI Financial
CI Financial (TSX: CIX) is an independent Canadian company offering global asset management and wealth management advisory services, with approximately $181 billion in assets. Its primary operating businesses are investment managers CI Investments Inc. and Sentry Investments Inc., advisory businesses Assante Wealth Management and Stonegate Private Counsel, Grant Samuel Funds Management of Australia, and First Asset Investment Management, a leader in providing actively managed exchange-traded funds to the Canadian marketplace. Further information is available at www.cifinancial.com.
This press release contains forward-looking statements with respect to CI and its products and services, including its business operations and strategy and financial performance and condition. Although management believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, including interest rates, business competition, changes in government regulations or in tax laws, CI’s ability to achieve expected synergies and benefits from the acquisition of BBS, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time.
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