CI Financial Corp. announced Sept. 21 that it will acquire Bowling Portfolio Management LLC of Cincinnati, Ohio, a registered investment advisory firm with US$450 million in assets under management.
This is CI's sixth direct registered investment advisor (RIA) transaction this year and ninth overall (including acquisitions by affiliated RIAs). CI says this makes it one of the fastest-growing RIA platforms in the United States. When all pending transactions close, CI says it will hold interests in wealth management firms across the U.S. with combined assets of approximately US$11.5 billion (based on assets as of Aug. 31, 2020).
Bowling provides customized financial planning and investment management services to high-net-worth clients. The firm is led by principals Kathy Wayner, President, Chief Executive Officer, and Managing Partner, and Darren Kavesh, Chief Investment Officer and Managing Partner.
"Bowling has outstanding leadership and a team whose investment expertise and service excellence have earned the loyalty of generations of clients," said Kurt MacAlpine, CI Chief Executive Officer. "The acquisition of Bowling gives us a presence in Cincinnati, a strategically important business hub, and expands our business in the region. With our recent acquisition of Balasa Dinverno Foltz of Itasca, Illinois, our CI Private Wealth companies will be managing approximately US$5 billion of high-net-worth assets in the Midwest."
Following the close of the Bowling transaction, Kavesh will be named President and Chief Executive Officer. Wayner will remain with the firm in a consulting capacity.
"The transaction, which is subject to regulatory approval, is scheduled to close later this year. Terms were not disclosed.
CI says its U.S. expansion, which began in the first quarter of 2020, supports the company’s strategic priorities of expanding its wealth management platform and globalizing the firm.
