The Globe and Mail reports in its Saturday, May, 13, edition that CI Financial tumbled $2.64 to close Friday at $12.76 the day after the wealth management company won a $1.34-billion backstop from institutional investors. The Globe's Andrew Willis and Clare O'Hara write that on Thursday, debt-heavy CI sold preferred shares that represent a 20-per-cent interest in its U.S. wealth management business to a group of investors that includes Bain Capital, Ares Management and an arm of the Abu Dhabi Investment Authority. CI postponed previously announced plans to sell a portion of its U.S. subsidiary in an initial public offering. CI said the transaction valued its U.S. subsidiary at $6.7-billion, or three times the total market capitalization of the entire company, which also includes its legacy Canadian asset management business. CI did not disclose terms of the preferred share offering in its news release on Thursday. In a regulatory filing Thursday, CI said that if a future IPO does not meet certain conditions, including size, the company has guaranteed the buyers of the preferred shares a new, higher value for them. That value increases over time, giving CI an incentive to take the U.S. wealth business public sooner.