The Globe and Mail reports in its Friday, April 28, edition that CI Financial has sold its minority interest in a U.S. wealth manager. The Globe's David Milstead writes that CI did not say how much it will receive for selling its ownership in Congress Wealth Management, a Boston-based company with offices in seven cities, to Audax Private Equity. According to CI's financial statements, CI had a 45-per-cent interest in the company as of Dec. 31. The sale marks a shift for CI, which has expanded in the U.S. under chief executive officer Kurt MacAlpine. Starting in earnest in 2020, CI paid a total of $2.85-billion for more than 30 wealth management firms, nearly all in the U.S., in just over two years. CI slowed down the acquisition pace in 2022, however, as analysts pressed the company on whether it could improve its balance sheet. With $4.4-billion in debt at Dec. 31, the company's ratio of debt to EBITDA -- or earnings before interest, taxes, depreciation and amortization -- spiked to 4.3. It was two at the end of 2019. The sale of its Congress Wealth interest also indicates that CI is placing great value on owning 100 per cent of its U.S. wealth managers, or at least a majority interest.