Corient to Buy Largest RIA in Maine
Corient, a wealth advisor and subsidiary of Toronto-based CI Financial Corp., has acquired Portland, ME-based H.M. Payson & Co., a registered investment advisor with $7.9 billion in assets under management. The acquisition is the first Maine location for Corient.
Financial terms of the deal, which is expected to close in 2025, were not disclosed.
“HMP’s position as Maine’s largest RIA and its legacy of exceptional service make it a natural fit for Corient,” said Kurt MacAlpine, partner and CEO of Corient. “We look forward to building on their impressive foundation to deliver even greater value to clients across Maine and the Northeast.”
Corient has announced six different RIA deals since the beginning of June: Socius Family Office, Paragon Advisors, Byron Financial, Emerald Multi-Family Office, Ensemble Capital Management, and now HMP, which manages more discretionary assets than all of those firms together.
Headquartered in Miami, Corient manages approximately $184 billion for high-net-worth and ultra-high-net-worth individuals, families and businesses across the U.S.
HMP, founded in 1854, also serves as a Maine chartered trust company, managing approximately $1.2 billion in trust assets, which is included in the firm’s total assets under management.
Last month, CI Financial announced that Mubadala Capital, the $24 billion alternative asset management arm of Abu Dhabi’s Mubadala Investment Company, agreed to pay $8.66 billion (CAD$ 12.1 billion) in cash and debt to take the wealth manager private.
