CI Financial Corp (CI), a diversified global asset and wealth management company, has completed the acquisition of four US registered investment advisor (RIA) firms, boosting its US wealth management assets by approximately USD9.4 billion to USD22 billion.The previously announced acquisitions were completed on 31 December, 2020, and include RGT Wealth Advisors (RGT) of Dallas, The Roosevelt Investment Group of New York City, Doyle Wealth Management of St Petersburg, Florida, and Stavis & Cohen Private Wealth of Houston.
CI strategically entered the US wealth management industry early in 2020 and during the year made 10 direct RIA acquisitions and 13 acquisitions overall (including those by CI’s affiliated RIAs), becoming one of the industry’s fastest-growing RIA platforms.
“In less than a year, we have built a USD22-billion wealth management business with operations across the United States,” says Kurt MacAlpine, CI Chief Executive Officer. “This growth has been driven by CI’s unique value proposition for RIAs, who appreciate our collaborative approach, extensive experience in wealth planning and commitment to holistic, client-centred advice. Our strategy is driven by our firm belief that the financial advisor is more important than ever as clients’ financial lives become increasingly complex.”
The acquisitions have increased CI’s combined assets under management and wealth management assets to a record total of approximately CAD228 billion (USD175 billion).
RGT serves clients across Texas and the U.S. and has approximately US$4.7 billion in assets. RGT’s accolades include being recognised by Barron’s magazine as one of America’s Best RIA Firms in 2019 and 2020. CI has acquired a majority interest in the company, which is led by Chief Executive Officer Mark Griege.
Roosevelt serves high-net-worth families in the greater New York area and has approximately USD2.9 billion in assets. Roosevelt is led by Co-Chief Executive Officers Adam Sheer and David Sheer.
DWM is a leading wealth management firm in the Tampa Bay area with approximately USD1.2 billion in assets. CI has acquired 100 per cent of DWM, which is led by co-founders Robert Doyle and Jillian Doyle. DWM is also a licensed CPA firm offering tax preparation services to select clients.
SC, led by co-founders Deborah Stavis, Chief Executive Officer, and Eddie Cohen, Chief Investment Officer, focuses on wealth planning services for energy industry executives, business owners and financially independent women. CI has acquired a majority interest in the firm with approximately US$590 million in assets.
CI’s RIA acquisitions are part of its strategic priorities of globalising the firm and expanding its wealth management platform. As part of its strategy, CI will extend the CI Private Wealth brand, which was recently introduced in Canada to represent its high-net-worth and ultra-high-net-worth advisory businesses, to the United States in the months ahead.