Corient, the Miami-based U.S. subsidiary of the Canadian agency CI Monetary, has acquired a New York-based multi-family workplace with $10.4 billion in property beneath administration and advisement, strengthening its household workplace providers.
Geller & Firm gives household workplace must ultra-high-net-worth people and households, together with private CFOs and monetary administration, tax compliance, property and generational wealth planning and funding administration.
Based on Corient CEO and Associate Kurt MacAlpine, Geller’s resolution to affix Corient “speaks to the large high quality” of the agency and the worth of its enterprise mannequin and personal partnership construction.
“We sit up for including their vital tax and CFO experience and different capabilities to our personal, additional enhancing our potential to offer shoppers with bespoke wealth administration options that transcend conventional wealth advisement,” MacAlpine stated.
Geller & Firm was based by Martin Geller in 1984, and the agency’s multi-family workplace was beforehand affiliated with Dynasty Monetary Companies. Based on Corient, the acquisition means the Geller group and shoppers will acquire entry to the agency’s tech, operations and compliance infrastructure, and elevated capital and scale.
Corient is a fiduciary, fee-only agency based in 2020, with greater than 240 companions, over 1,200 staff and about $182 billion in managed property for high-net-worth and UHNW people and households. In August 2023, the Toronto-based CI Monetary rebranded its U.S. wealth enterprise from CI Non-public Wealth to Corient (named for one of many U.S. RIAs CI Monetary had acquired)
Final month, Corient revealed it was buying H.M. Payson & Co., a Portland, Maine-based RIA with $7.9 billion in whole property (together with $1.2 billion in belief property via the agency’s chartered belief firm). The deal was anticipated to shut this yr. The agency was Maine’s largest RIA and could be Corient’s first location within the state post-acquisition.
CI Monetary entered the U.S. wealth market about 4 years in the past and has since acquired dozens of corporations there. In November, CI introduced a $3.4 billion deal to take the corporate personal with Mubadala Capital, the choice asset administration arm of Mubadala Funding Firm.