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CI Financial Makes Strategic Investment in GLASfunds, a Leading Alternative Investment Platform


Relationship provides enhanced access to the growing alternative investments space for advisors with high-net-worth and ultra-high-net-worth clients

MIAMI & TORONTO & CLEVELAND–(BUSINESS WIRE)–CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) announced today it has made a strategic investment in GLAS Funds, LLC (“GLASfunds™”), a turnkey alternative investment platform and alternative asset management firm based in Cleveland.

“We are thrilled to work with CI to bring our leading alternatives solution to CI Financial and their fast-growing CI Private Wealth group” – Michael Maroon, GLASfunds

Founded in 2009, GLASfunds is one of the leading tech-enabled platforms providing investors with secure and streamlined digital access to institutional-quality alternative investment opportunities and asset management oversight. It has approximately US$1.1 billion in combined assets under management and assets under contract.

CI’s investment will strengthen GLASfunds’ offering to the broader market, while providing CI Private Wealth clients with enhanced access to alternative asset classes through a best-in-class platform.

“Alternative assets are an increasingly important part of investing today and having an execution platform like GLASfunds is a critical foundational component to our strategy in this space,” said Kurt MacAlpine, Chief Executive Officer of CI Financial. “Making this investment will enable us to deliver a better client experience, which is incredibly important as we work to build the leading high-net-worth and ultra-high-net-worth wealth manager in the U.S.”

“We are thrilled to work with CI to bring our leading alternatives solution to CI Financial and their fast-growing CI Private Wealth group,” said GLASfunds Managing Partner Michael Maroon. “Alternatives have become a core component of high-net-worth client portfolios, but the process to invest has often been cumbersome. We simplify that process, enabling advisors to deliver even better investment management service. Having CI as a strategic partner will enhance our capabilities and reach and broaden our appeal to all advisor firms seeking an alternative investment platform.”

GLASfunds is thoughtfully designed to reduce the difficulties advisors and their clients face in the alternatives space. Through the platform, advisors can aggregate client capital and invest in alternatives through a fully digital dashboard, streamlining the process and reducing the paperwork typically required to execute a customized alternatives portfolio. GLASfunds provides quarterly updates, timely performance estimates and one aggregated K-1 report across all positions. GLASfunds’ expert team can also provide additional analytics, portfolio construction support and more. The reduced administrative burden, simplified investment process and access to top-tier alternatives make GLASfunds an exceptional solution to add to CI Private Wealth’s growing investment capabilities.

CI will take a strategic minority stake in GLASfunds, with an option for majority ownership over the next four years. With the completion of this and other recently announced transactions, CI’s assets in its U.S. wealth management business are expected to reach approximately US$98.7 billion (C$122.3 billion), while its total assets globally are anticipated to reach approximately US$283.9 billion (C$351.7 billion).

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