CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) today announced
the launch of a newly formed joint venture, Axia Real Assets LP
(“Axia”), an alternative investment manager focused on global real
estate and infrastructure. The joint venture is independently
operated and managed by Axia’s four Founding Partners.
Axia’s Founding Partners – Kelsey Boland, Darrell Shipp, Greg
Stevenson and Joshua Varghese – have decades of combined experience
and have managed over $50 billion of combined investments in real
assets on behalf of institutional and retail clients. Axia’s
mandate is to create investment vehicles focused on a wide array of
real estate and infrastructure assets around the world.
“We’re pleased to support the launch of Axia and the work of
this ambitious and proven group of investors with extensive
experience in high-potential asset classes,” said Kurt MacAlpine,
CI Chief Executive Officer. “CI believes that alternative mandates
can play a vital role in helping investors meet their financial
goals in an increasingly complex and challenging investment
environment.
“CI’s growing presence in alternatives includes an
industry-leading series of liquid alternative funds with $3.7
billion in assets*. We have also introduced innovative mandates –
such as private real estate and private equity and credit – that
have traditionally been available only to larger institutional
investors. We look forward to working with Axia to build out our
alternative lineup with additional timely, high-quality
solutions.”
“We have a strong historical relationship with CI and are very
excited about CI’s vision for the future of asset and wealth
management,” said Mr. Varghese, formerly a portfolio manager at CI
Global Asset Management (“CI GAM”) specializing in real estate.
“The support of a large, forward-thinking company like CI will be
instrumental for Axia to develop and distribute alternative
investment products to investors.”
“As investors continue to diversify their portfolios to
accumulate long-term wealth, we believe the opportunities for
global real assets are significant,” said Mr. Stevenson. “The joint
venture with an established, successful organization such as CI
puts us in a strong position to capitalize on these
opportunities.”
The Founding Partners have extensive experience in managing both
public and private equity investments in the real estate and
infrastructure sectors. Messrs. Boland, Shipp and Stevenson worked
together at a multi-billion-dollar asset management firm focused on
real estate.
Mr. Shipp was Managing Director and Partner and contributed to
the firm’s growth and success through a variety of roles that
included operations and leading the investment management team. He
worked closely with Mr. Stevenson to build a portfolio of U.S.
retail properties anchored by grocery stores, which was listed as a
real estate investment trust (“REIT”) on the Toronto Stock Exchange
in 2014. Mr. Stevenson served as Chief Executive Officer of the
REIT until 2020. Mr. Boland was a member of the investment team
with experience across asset classes and in merger and
acquisitions.
As Portfolio Manager at CI GAM, Mr. Varghese was responsible for
a multi-billion-dollar portfolio of global real estate equities,
and actively engaged with portfolio companies on strategic-level
corporate transactions.
Axia is based in Toronto and expects to launch its first
investment solutions in summer 2021. More information is available
at www.axiarealassets.com.
* Assets under management as at February 28, 2021.
About CI Financial
CI Financial Corp. is an independent company offering global
asset management and wealth management advisory services. CI
managed and advised on approximately C$236.5 billion (US$185.7
billion) in client assets as at February 28, 2021. CI’s primary
asset management businesses are CI Global Asset Management (CI
Investments Inc.) and GSFM Pty Ltd., and it operates in Canadian
wealth management through Assante Wealth Management (Canada) Ltd.,
CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct
Investing (WealthBar Financial Services Inc.), and CI Investment
Services Inc.
CI’s U.S. wealth management businesses consist of BDF LLC,
Bowling Portfolio Management LLC, The Cabana Group, LLC, Congress
Wealth Management, LLC, Doyle Wealth Management, LLC, One Capital
Management, LLC, The Roosevelt Investment Group, LLC, RGT Wealth
Advisors, LLC, Stavis & Cohen Private Wealth, LLC and Surevest
LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the
New York Stock Exchange under CIXX. Further information is
available at www.cifinancial.com.
All financial amounts in
Canadian dollars unless otherwise stated.
This press release contains forward-looking statements
concerning anticipated future events, results, circumstances,
performance or expectations with respect to CI Financial Corp.
(“CI”) and its products and services, including its business
operations, strategy and financial performance and condition.
Forward-looking statements are typically identified by words such
as “believe”, “expect”, “foresee”, “forecast”, “anticipate”,
“intend”, “estimate”, “goal”, “plan” and “project” and similar
references to future periods, or conditional verbs such as “will”,
“may”, “should”, “could” or “would”. These statements are not
historical facts but instead represent management beliefs regarding
future events, many of which by their nature are inherently
uncertain and beyond management’s control. Although management
believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, such statements
involve risks and uncertainties. The material factors and
assumptions applied in reaching the conclusions contained in these
forward-looking statements include that the investment fund
industry will remain stable and that interest rates will remain
relatively stable. Factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market conditions, including interest and
foreign exchange rates, global financial markets, changes in
government regulations or in tax laws, industry competition,
technological developments and other factors described or discussed
in CI’s disclosure materials filed with applicable securities
regulatory authorities from time to time. The foregoing list is not
exhaustive and the reader is cautioned to consider these and other
factors carefully and not to place undue reliance on
forward-looking statements. Other than as specifically required by
applicable law, CI undertakes no obligation to update or alter any
forward-looking statement after the date on which it is made,
whether to reflect new information, future events or otherwise.
CI Global Asset Management is a registered business name of CI
Investments Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20210406005361/en/
CI Financial Investor Relations Jason Weyeneth,
CFA Vice-President, Investor Relations & Strategy 416-681-8779
jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Corporate Communications 416-681-3254 moxby@ci.com
United States Trevor Davis, Gregory FCA for CI Financial
443-248-0359 cifinancial@gregoryfca.com
Axia Real Assets Joshua Varghese Founding Partner
416-681-3232 josh@axiarealassets.com
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