CI Financial Corp., Canada's largest independent mutual fund manager by market value, may seek a U.S. listing as it ramps up a strategy of buying smaller wealth management firms.
CEO Kurt MacAlpine said the Toronto-based company is in talks with a number of U.S. registered investment advisers, having bought interests in eight such firms over the past year. CI's largest such deal came in August, when it agreed to buy Balasa Dinverno Foltz of Itasca, Ill., a Chicago-area private wealth management firm with $4.5 billion in assets under management.
"We've been focused on globalizing the company in a number of different ways. One is our business mix. The other is our investor base," Mr. MacAlpine said in an interview. "There absolutely is a scenario where we do our next financing in the U.S. It would probably be a little bit easier to do it on the back of having a listing in the U.S., just because it helps to reinforce interest in our stock."
CI's new strategy is to expand beyond its Canadian base by consolidating U.S. firms that handle investments and offer advice to affluent clients. It's looking to boost profits from its wealth management segment, which employs investment advisers, to at least C$200 million ($153 million) in the long run, the CEO said, helping offset headwinds in its core mutual fund business.