CI Financial Corp. announced Sept. 16 that it is has acquired Itasca, Illinois-based private wealth management firm Balasa Dinverno Foltz LLC (BDF). Acquiring the firm, which has US$4.5-billion in assets as of Aug. 31, 2020, brings CI’s total U.S. wealth management assets to approximately US$11-billion.
The purchase of BDF, announced in August 2020, is CI’s fifth direct acquisition of a registered investment advisor firm this year. BDF employs 62 people who provide customized wealth management services to individuals, families, business owners, institutions and non-profit organizations.
“BDF is a thriving, high-quality firm and we’re excited to welcome the team to CI,” says CI’s chief executive officer, Kurt MacAlpine. “Adding a firm of BDF’s size and excellence significantly accelerates our U.S. wealth strategy.”
The firm says it will soon be introducing the CI Private Wealth brand, representing the firm’s high-net-worth and ultra high-net-worth advisory business, both in the U.S. and Canada going forward.
