Corient, the rebranded U.S. wealth management business of CI Financial, announced plans to acquire H.M. Payson & Co., a Portland, Maine-based registered investment advisor with $7.9 billion in total assets. That includes $1.2 billion in trust assets handled through HMP's Maine chartered trust company.
Terms of the deal, expected to close in 2025, were not disclosed.
HMP was founded in 1854 and is considered the largest RIA in Maine. The firm will serve as Corient’s first location in the state.
“By joining Corient, we can immediately offer more to our clients while staying true to the principles that have guided us for generations,” Daniel Lay, president and managing director at HMP, said in a statement. “We were also impressed by Corient’s private partnership, which fosters collaboration and ensures that resources and expertise from across the firm will be available to serve our clients.”
Corient is a subsidiary of CI Financial, the publicly-traded Toronto-based asset and wealth management company. Corient has grown to over 250 partners, 1,000 employees and about $184 billion in client assets.
CI Financial entered the U.S. wealth market about four years ago and has acquired dozens of firms since then. Last year, those RIAs were brought under the seven-month-old Corient brand and onto a single technology stack with centralized reporting.
In November, CI announced a $3.4 billion deal to take the firm private with Mubadala Capital, the alternative asset management arm of Mubadala Investment Company.
