Miami-based Corient agreed to acquire H.M. Payson & Co. (HMP), Maine’s largest RIA, with $7.9 billion in assets under management (AUM), as part of a deal Corient said Tuesday is expected to close in 2025.
The purchase will be Corient’s first Maine location and expand its footprint in northern New England, it said.
“HMP’s position as Maine’s largest RIA and its legacy of exceptional service make it a natural fit for Corient,” according to Kurt MacAlpine, Partner and CEO of Corient.
“I have thoroughly enjoyed getting to know their team and am excited that they are joining the Corient partnership,” he said. “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.”
HMP, founded in 1854, focuses on high net worth individual investors and families across Maine and beyond, and also serves as a Maine chartered trust company, managing about $1.2 billion in trust assets.
HMP provides clients with investment management, strategic financial and estate planning, and trust and fiduciary services.
“Our commitment to fiduciary excellence and client-first service has been the cornerstone of HMP’s 170-year legacy,” said Daniel 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,” Lay added. “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 fee-only firm with more than 250 partners and 1,000 employees managing about $184 billion for high net worth and ultra-high net worth individuals, families and businesses across the U.S., the company said.
Corient is a subsidiary of Toronto-based CI Financial, a global asset and wealth management firm with about $377.3 billion in assets as of Oct. 31.
On Nov. 25, CI Financial announced that it entered into a definitive agreement with an affiliate of Mubadala Capital, the alternative asset management division of Abu Dhabi’s Mubadala Investment Company, to take CI private.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
