CI Fund Management Inc. has completed its acquisition of Assante Corp. The deal includes 1,000 advisors and approximately $17 billion in assets under administration.

As a result, CI now has approximately $55 billion in fee-earning assets, including $39 billion in mutual and segregated funds. CI’s fee-earning assets have increased 58% since September 30, with the completion of three acquisitions announced on August 22..

“Today we have completed the last of the three acquisitions we announced on August 22,” said Bill Holland, CI president and CEO, in a news release. “With the addition of Synergy Asset Management, Skylon Capital and now Assante, CI has been transformed into a diversified wealth management company with a solid leadership position in the top tier of our industry.”

CI acquired only Assante’s Canadian operations. It says Assante will remain a separate company, providing the same comprehensive range of financial planning and investment services as before.

Joe Canavan, formerly president and chief executive officer of Synergy Asset Management, has been appointed President and Chief Executive Officer of Assante Corp. and Assante Canada. In this new structure, Nick Mancini, formerly president and chief executive officer of Assante Canada, will become chairman of Assante Canada.

“This powerful combination of Assante, CI and Sun Life will boost Assante’s leadership position in Canada,” said Mancini.


http://www.newswire.ca/en/releases/archive/November2003/14/c2414.html