CI Financial Corp. plans to spin off its U.S. wealth-management unit after an expansion fueled by dozens of acquisitions.
The firm will sell as much as 20% of the business through an initial public offering and will file a prospectus with the U.S. Securities and Exchange Commission later this year, according to a statement Thursday. Toronto-based CI said it will use the proceeds to pay debt. The shares gained as much as 3.5%.
