CI Financial Corp. and Balasa Dinverno Foltz LLC (BDF) announced an agreement on Aug. 4 under which CI will acquire full ownership of BDF. The Itasca, Illinois-based private wealth management firm has US$4.5 billion in assets.
Through its offices in the Chicago region, BDF’s team of 62 people provides customized wealth management services to individuals and families, business owners and institutions and non-profit organizations.
"The purchase of BDF, a large and incredibly well-run RIA, significantly accelerates the growth and development of our U.S. wealth business," said Kurt MacAlpine, CI Chief Executive Officer. "We are very excited that the BDF team will be joining CI to help execute our wealth management strategy. BDF, with its client-centric approach, scale and experienced leadership, will be a strong foundation for continued expansion."
The acquisition brings CI's U.S. wealth management business past the US$10 billion mark to approximately US$11 billion (C$14.7 billion) in assets.
CI also holds ownership interests in the following RIAs: The Cabana Group, LLC, of Fayetteville, Arkansas; Congress Wealth Management, LLC of Boston, Massachusetts; One Capital Management, LLC, of Westlake Village, California and Surevest, LLC, of Phoenix, Arizona.
