CI Financial is rebranding its Miami-based CI Private Wealth business as Corient, the Toronto-based firm said on Tuesday. Corient is the trade name for Corient Private Wealth LLC.
The new name, a blend of the words “client oriented,” was voted on by the U.S. business’s partner owners from a list of candidates. It originated from the name of one of the registered investment advisor (RIA) firms that CI Financial acquired last year.
“The new name better reflects the extensive capabilities we offer today as a national, integrated organization and our vision to become the [U.S.’s] pre-eminent private wealth firm,” said Kurt MacAlpine, CEO of Corient and CI Financial.
With the new branding extending across its U.S. business, CI Financial said it has discontinued co-branding with legacy firm names, which “reflects the ongoing integration of Corient’s predecessor companies into one cohesive [RIA] firm.”
CI Financial will continue to use the CI Private Wealth brand for its Canadian ultra-high-net-worth wealth management business, the firm said.
In May, CI Financial Corp. sold a 20% stake in its U.S. wealth management business to a group of institutional investors for $1.34 billion, shelving its previously announced plans to sell a stake in the business by way of an initial public offering.
Between late 2019 and 2022, CI Financial made more than 30 deals, either directly or indirectly, to acquire U.S. RIA firms as part of its broader corporate strategy to grow its business in the U.S.