07:47 AM EST, 12/17/2024 (MT Newswires) -- Corient, a unit of Toronto-based CI Financial ( CIXXF ) , a global asset and wealth management company, on Tuesday agreed to buy H.M. Payson (HMP), Maine's largest registered investment advisory firm with $7.9 billion in assets under management.

HMP also serves as a Maine chartered trust company, managing around $1.2 billion in trust assets.

"HMP's position as Maine's largest RIA and its legacy of exceptional service make it a natural fit for Corient," said Corient Chief Executive Kurt MacAlpine. "We look forward to building on their impressive foundation to deliver even greater value to clients across Maine and the Northeast."

The company said the deal is expected to close in 2025 and added that terms of the deal were not disclosed.

Shares of CI Financial ( CIXXF ) closed down $0.04 or 0.1%, to $31 on Monday, from a near 52-week high of $31.41 on the Toronto Stock Exchange.