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CI Financial to acquire BDF


CI Financial Corp is to acquire full ownership of BDF, a private wealth management firm with USD4.5 billion in assets.Through offices in the Chicago region, the BDF team of 62 people provides customised wealth management services to individuals and families, business owners and institutions and non- profit organisations.

“The purchase of BDF, a large and incredibly well-run RIA, significantly accelerates the growth and development of our US wealth business,” says 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 vaults CI’s US wealth management business past the USD10 billion mark to approximately USD11 billion (CAD14.7 billion) in assets. CI is the industry’s fastest-growing RIA platform, having built its US business in just six months. BDF is CI’s fifth direct RIA acquisition, its eighth transaction when including acquisitions by CI’s RIA subsidiaries, and its largest RIA acquisition to date.

“We could not have found a better partner for our firm than CI,” says Armond Dinverno, BDF President and Co-Founder. “This relationship will provide stability, continuity, and an enhanced service offering for our clients, and new opportunities for our firm and team members. Backed by CI’s financial strength, expertise in all aspects of asset and wealth management, and vision for a national wealth business, BDF is ready to begin our next phase of growth.”

Following the close of the transaction, Chad Carlson, who is currently Wealth Manager and Director of Research at BDF, will be named President and Co-Chief Investment Officer.

“I’m looking forward to BDF joining the CI family and am excited to leverage CI’s deep capabilities to enhance our client service and experience, as we build on our leading position in the Chicago market,” says Carlson.

“BDF is an exceptional company and gives us a solid presence in the Midwest and the affluent Chicago market,” says MacAlpine. “This acquisition provides us additional scale in wealth management to realise synergies and introduce enhancements such as broader investment choices and wealth planning support. An important step will be the introduction of the CI Private Wealth brand in both Canada and the United States to represent our high-net-worth and ultra-high-net-worth advisory businesses.

“The RIA sector is the fastest-growing segment in US wealth management and the RIA model is a strong fit with our own approach to wealth management, which emphasises the central role of the advisor and the importance of a holistic approach to wealth planning.”

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