Mr. Kurt MacAlpine reports

CI FINANCIAL TO ACQUIRE ULTRA-HIGH-NET-WORTH WEALTH MANAGER CORIEL CAPITAL

CI Financial Corp. has signed an agreement under which CI will acquire Coriel, a Montreal-based wealth management firm.

Coriel, a firm founded and led by women, operates as a chief investment officer for ultrahigh-net-worth families, helping them navigate complex financial decisions and ensuring their investments effectively support their goals and are fully integrated into their overall financial plans. Coriel manages approximately $1.3-billion in client assets (as at June 30, 2023).

"Coriel's experience, strong performance and service offering have generated excellent growth and we're pleased to welcome this accomplished team to CI," said Kurt MacAlpine, CI chief executive officer.

"The addition of Coriel expands CI's presence in the ultrahigh-net-worth market, where we are working to build the country's premier platform to meet this group's complex requirements. Coriel's distinct offering is a strong complement to our successful CI Private Wealth and Northwood Family Office businesses."

Coriel was founded in 2006 by investment industry veterans Gisele Wilson and Alexandra Ryan to bring an unbiased, institutional approach to investing for ultrahigh-net-worth clients.

"As we evaluated alternatives, it quickly became clear that CI was the ideal strategic partner for our firm and the right choice for our clients," said Ms. Wilson, Coriel co-founder and partner. "CI understands the needs of ultra-affluent investors and excels at delivering a personalized, boutique experience augmented by the resources of a large company. We expect this relationship to accelerate our growth and enhance our capabilities and the services we offer to our clients."

Coriel's investment team, led by Ms. Wilson, Ms. Ryan and partner Marjorie Skolnik, has over 90 years of combined industry experience, including senior roles at leading institutional investment management firms, investment consultants and other financial institutions.

Following the completion of the transaction, CI's Canadian wealth management assets will total approximately $83.9-billion. The platform serves the full spectrum of advice channels and client complexity, from do-it-yourself investors to the ultra-affluent.

The transaction is expected to close in the fourth quarter of this year. Blair Franklin Capital Partners Inc. served as financial adviser to Coriel and Davies Ward Phillips & Vineberg LLP was legal adviser. CI's legal adviser was Blake, Cassels & Graydon LLP.

About CI Financial Corp.

CI Financial is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. Founded in 1965, CI has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning and a comprehensive product suite. CI manages and advises on approximately $398.9-billion in client assets (as at June 30, 2023).

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