Corient to Acquire H.M. Payson, Maine's Largest Registered Investment Advisor

Author's Avatar
Dec 17, 2024

Corient, one of the nation’s largest and fastest-growing national wealth advisors, today announced it has agreed to acquire H.M. Payson & Co. (“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 approximately $1.2 billion in trust assets.

This acquisition will be Corient’s first Maine location, expanding its capabilities and ability to serve clients throughout northern New England.

Since its founding in 1854, HMP has been dedicated to delivering exceptional service to high-net-worth individuals and families across Maine and beyond. The firm offers comprehensive wealth management services that include expert investment management, strategic financial and estate planning, and trust and fiduciary services – all rooted in a collaborative, client-focused philosophy. With an emphasis on personalized solutions, HMP provides thoughtful, long-term investment strategies designed to preserve and grow wealth for generations.

“Our commitment to fiduciary excellence and client-first service has been the cornerstone of HMP’s 170-year legacy,” saidDaniel Lay, President and Managing Director at HMP.

“By joining Corient, we can immediately offer more to our clients while staying true to the principles that have guided us for generations. We are aligned on culture and values, which emphasize earning the trust of clients through an in-depth, integrated approach tailored to each person’s individual needs. 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.”

“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 Chief Executive Officer of Corient. “I have thoroughly enjoyed getting to know their team and am excited that they are joining the Corient partnership. Their team-based approach and deep commitment to client success align perfectly with our mission to put our clients at the center of everything we do. We look forward to building on their impressive foundation to deliver even greater value to clients across Maine and the Northeast.”

Corient is a fee-only, fiduciary wealth management firm that stands out for its private partnership, similar to those of top professional services firms. This distinctive approach encourages collaboration and teamwork, united around the goal of delivering exceptional client service. Since its inception, Corient has grown rapidly and today has over 250 partners and 1,000 employees managing approximately $184 billion for high-net-worth and ultra-high-net-worth individuals, families and businesses across the United States.

The transaction is expected to close in 2025. Terms were not disclosed.

About Corient

Corient Private Wealth LLC is an integrated national U.S. wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients. We combine the personal service, creativity and objective advice of a boutique with the power of an exclusive network of experienced advisors, capabilities and solutions to create a profoundly different wealth experience. As fiduciaries, we put our clients at the center of everything we do. We focus on exceeding expectations, simplifying lives and establishing lasting legacies. Headquartered in Miami, Corient is a subsidiary of Toronto-based CI Financial Corp. (TSX: CIX), a global asset and wealth management company with approximately US$377.3 billion (C$525.3 billion) in assets as at October 31, 2024. For more information, visit corient.com.

On November 25, 2024, CI Financial announced that it has entered into a definitive agreement with an affiliate of Mubadala Capital, the alternative asset management arm of Mubadala Investment Company, to take the firm private. Read the public announcement here.

CT?id=bwnews&sty=20241217790156r1&sid=txguf&distro=ftp

View source version on businesswire.com: https://www.businesswire.com/news/home/20241217790156/en/