CI Financial Corp. announced July 8 that it has completed the acquisition of strategic interests in two U.S. registered investment advisor firms.
The firms are Congress Wealth Management, LLC of Boston and The Cabana Group, LLC of Fayetteville, Arkansas. The transactions, first announced earlier this year, have added a total of $5.0 billion in assets to CI's wealth management business.
CI now holds interests in four U.S.-based registered investment advisor firms (RIAs) with total assets of $8.1 billion.
"We have made rapid progress in building our U.S. wealth management business, becoming one of the fastest-growing RIA platforms in the U.S. since we entered the market a few months ago," said Kurt MacAlpine, CI Chief Executive Officer. "Our unique value proposition for RIAs is resonating in the market and I expect us to continue to realize strong growth going forward.
He added that RIAs are the fastest-growing segment of U.S. wealth management and acquiring a stake in these firms is complements the company’s Canadian wealth platform. “Not only is there potential for synergies in investment and wealth planning services, but we are now able to offer true cross-border services to our Canadian clients," said MacAlpine.
Congress provides wealth management and family office services to high-net-worth individuals, families, foundations, and endowments, with an emphasis on comprehensive and customized client plans.
Cabana, offers a comprehensive suite of investment management and wealth planning. It is the parent company of Cabana Asset Management, which offers a lineup of risk-managed portfolios to its retail clients and on a sub-advisory basis to RIAs and advisors across the U.S.
The Congress and Cabana transactions closed on July 2 and June 16, 2020, respectively. Terms were not disclosed.
CI's other RIA acquisitions include majority interests in Surevest, LLC, of Phoenix and One Capital Management, LLC, of Westlake Village, California.
