CI Financial Corp. (TSX: CIX; NYSE: CIXX) has made a strategic investment in GLAS Funds, LLC, a turnkey alternative investment platform and alternative asset management firm based in Cleveland.
Founded in 2009, GLASfunds is one of the leading tech-enabled platforms providing investors with secure and streamlined digital access to institutional-quality alternative investment opportunities and asset management oversight. It has approximately US$1.1 billion in combined assets under management and assets under contract.
CI’s investment will strengthen GLASfunds’ offering to the broader market, while providing CI Private Wealth clients with enhanced access to alternative asset classes through a best-in-class platform.
CI will take a strategic minority stake in GLASfunds, with an option for majority ownership over the next four years. With the completion of this and other recently announced transactions, CI’s assets in its U.S. wealth management business are expected to reach approximately US$98.7 billion (C$122.3 billion), while its total assets globally are anticipated to reach approximately US$283.9 billion (C$351.7 billion).
The transaction is expected to close later this quarter, subject to regulatory and other customary closing conditions. Katten Muchin Rosenman LLP served as advisors to GLASfunds. CI was advised by Hogan Lovells US LLP. Financial terms were not disclosed.