The move highlights how the state is attracting financial and wealth management firms. CI Financial said Miami will be the HQ for its US operations.
Canada’s CI Financial, which continues to buy a swathe of US wealth management firms, is setting up its US headquarters in Miami. The move drew praise from Florida politicians.
The move comes after CI Financial has bought or agreed to buy 21 registered investment advisors in a space of 19 months since it announced a new corporate strategy. The firm said establishing the Miami headquarters was a “natural evolution of CI’s expansion in the US.”
This office will oversee the continued development of CI Private Wealth, the brand name for CI’s US platform.
Florida – which like Texas doesn’t have a state income tax – is attracting business from other financial centers. Dynasty Financial Partners, for example, has shifted its HQ to St Petersburg from New York City. The influx of HNW Americans to the state has also seen an increase in the number of firms operating in Florida.
Since the start of 2020, CI’s US assets have reached C$92 billion ($73 billion). CI’s total assets globally have grown to C$320 billion, up from C$176 billion 18 months’ ago.
“Miami is an incredible place to establish our US headquarters and support our fast-growing US business,” Kurt MacAlpine, chief executive of CI Financial, said.
“It serves as the next logical step for our expansion plans as we work to build the leading high net worth wealth management platform in the country. In addition, Miami is a vibrant, multicultural city that offers a deep talent pool, an attractive location for recruiting and a very business-friendly environment.”
The office, located in the city’s Brickell district, will be home to CI’s US operations and the primary location for its US leadership team. CI’s executive officers will divide their time between the Miami and Toronto offices.
“We are thrilled to welcome CI Financial to Florida,” said Governor Ron DeSantis. “Their move is the latest example of our welcoming business climate at work – something we continue to see from Miami to Pensacola.”
“CI Financial is the largest financial institution to ever place a headquarters in South Florida,” said Miami Mayor Francis Suarez. “The significance of this cannot be overstated and moves us further toward our goal to become the ’capital of capital.’”