CI Investment Services Inc. to Assume Client Accounts of Discount Brokerage Arm of Laurentian Bank Securities
CI Investment Services Inc. (“CIIS”), a subsidiary of CI Financial Corp., announces it has reached an agreement with Laurentian Bank under which CIIS will assume the client accounts and assets under administration of the discount brokerage division of Laurentian Bank Securities.
Under the agreement, the accounts of approximately 2,050 clients with $250 million in assets under administration will be transferred from Laurentian Bank Securities to CI Direct Trading, an online investment platform for self-directed investors and a division of CIIS.
“We extend a warm welcome to these new clients and look forward to helping them reach their investing and financial goals,” said Christopher J. Enright, Executive Vice-President and Co-Head of Wealth, Canada, for CI Financial.
“This transaction highlights our commitment to the continued growth of our online investment businesses, and to serving Canadians across the full spectrum of wealth management – from self-directed investors to those requiring comprehensive service and advice to meet complex needs.”
CI Direct Trading offers flexibility and choice in self-directed investing by providing a variety of account types and a selection of trading platforms, including web-based and mobile options, as well as institutional-grade platforms for more active traders. Investors are supported by a wide range of tools and resources and benefit from competitive pricing.
The transaction is expected to close before the end of the calendar year, subject to regulatory approvals. Customers of Laurentian Bank Securities’ discount brokerage will be transitioned to CI Direct Trading following the close of the transaction, The terms of the transaction were not disclosed.
About CI Investment Services
CI Investment Services Inc. (“CIIS”) is a Canadian financial technology company and a registered investment dealer that provides a wide range of innovative brokerage, trading and investment services to a diverse client base of portfolio managers, broker dealers, institutional and retail investors. CIIS is a subsidiary of CI Financial Corp. (TSX: CIX), a diversified global asset and wealth management company with approximately $489.1 billion in assets as at June 30, 2024.
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