CI Financial to Acquire Former Eaton Vance Investment Counsel Division

Posted on 04/02/2022

CI Financial Corporation will acquire certain assets of Eaton Vance WaterOak Advisors, formerly Eaton Vance Investment Counsel of Boston.

Prior to its acquisition by Morgan Stanley in 2021, Eaton Vance Investment Counsel served as the dedicated wealth management affiliate of Eaton Vance Corporation. Eaton Vance traces its history to 1924 and provides wealth management services – including investment management, financial, estate and tax planning, and family office, and trust services. As of February 28, 2022, the Boston-based Eaton Vance Investment Counsel team acted as advisor for US$ 11.4 billion in assets on behalf of families, endowments, foundations, and other institutions.

The seller is Morgan Stanley.

The Eaton Vance Investment Counsel transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals and other customary closing conditions. The Asset & Wealth Management Investment Banking Group of Raymond James & Associates, Inc. served as exclusive financial advisor to CI, and Hogan Lovells US LLP served as CI’s legal counsel. Financial terms were not disclosed.

Since entering the U.S. RIA sector in January 2020, CI has become one of the country’s fastest-growing wealth management platforms. The completion of this and other outstanding transactions are expected to increase CI’s U.S. assets to approximately US$ 133 billion , with CI’s total assets globally reaching approximately US$ 311 billion. CI’s U.S. wealth management businesses consist of Barrett Asset Management, LLC, Balasa Dinverno Foltz LLC, Bowling Portfolio Management LLC, Brightworth, LLC, BRR OpCo, LLC, The Cabana Group, LLC, CPWM, LLC, Congress Wealth Management LLC, Dowling & Yahnke, LLC, Doyle Wealth Management, LLC, Gofen & Glossberg, LLC, Matrix Capital Advisors, LLC, McCutchen Group LLC, OCM Capital Partners, LLC, Portola Partners Group LLC, Radnor Financial Advisors, LLC, RegentAtlantic Capital, LLC, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, R.H. Bluestein & Co., Segall Bryant & Hamill, LLC, Stavis & Cohen Private Wealth, LLC, and Surevest LLC.

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