Canada's CI Financial buys 11th US RIA since February

The deals continue to mount for Toronto-based CI Financial, which on Thursday announced its 11^th acquisition of a U.S. financial advisory firm since entering the market in February, and its second this week.

CI, which oversees more than $60 billion, including more than $14 billion in assets at U.S. registered investment advisers, announced its second deal in three days with the planned acquisition of Doyle Wealth Management, a $1.1 billion RIA based in St. Petersburg, Florida.

If there was any doubt about CI’s intentions after 10 months of aggressive buying, the company also filed this week to list its common stock on the New York Stock Exchange.

“We’re excited to add such a high-quality adviser team in a strategically important location,” CI chief executive officer Kurt MacAlpine said in a statement.

“Doyle Wealth Management has established a strong reputation, built great capabilities in financial planning and tax planning, and achieved exceptional growth since its founding,” he added.

The Doyle Wealth Management deal followed by two days CI’s announcement of a majority ownership position in Houston-based Stavis & Cohen Financial, which manages $570 million.