Corient, the rebranded US wealth management business of CI Financial, announced plans to acquire HM Payson & Co., a Portland, Maine-based registered investment adviser with $7.9 billion in total assets. This includes $1.2 billion in trust assets handled through HMP's Maine trust company.
Terms of the deal, which is 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 forces with Corient, we can immediately offer more to our customers 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 approximately $184 billion in client assets.
CI Financial entered the US property market about four years ago and has since acquired dozens of firms. Last year, those RIAs were brought under the law seven months old Corient brand and in 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.