CI Financial notches 25th deal in 24 months

The momentum continues for CI Financial as the Toronto-based aggregator notches another major acquisition in the U.S. wealth management space. Just a week after acquiring $4.1 billion Detroit-based R.H. Bluestein & Co., CI is adding $7.5 billion Chicago-based Gofen and Glossberg, which is its 25^th acquisition since entering the U.S. market in November 2019.

Once the deal is completed later this quarter, it will push CI’s U.S. RIA assets to approximately $95 billion, from its starting point of zero U.S. RIA assets 24 months ago. CI’s total assets globally are anticipated to reach $271 billion when all current pending deals close.

Gofen, founded in 1932, is described as a “white-glove-level” investment and financial planning firm, working primarily with high-net-worth families.

“Gofen’s committed team, tenured client relationships and attention to customization highlight their desire to go above and beyond,” CI Chief Executive Kurt MacAlpine said in a statement.

“This is exactly the type of firm CI looks to add to its growing CI Private Wealth group,” MacAlpine said.

Gofen will be CI’s third Chicago-based RIA and will substantially increase CI’s presence in the broader Midwest, with the R.H. Bluestein deal marking CI’s first acquisition in Michigan.

CI also has offices in Cincinnati and Columbus, Ohio.

“In CI Private Wealth, CI has built an impressive and compelling platform that includes top-tier wealth management firms across the country,” said Charles Gofen, a Gofen principal. “We look forward to collaborating with our new colleagues and are confident that the sharing of knowledge and expertise will greatly benefit our practice and our clients.”

Based in Toronto, CI opened a U.S. headquarters in Miami, Florida in September. A publicly traded company listed on the Toronto Stock Exchange, CI dually listed its shares on the New York Stock Exchange in November 2020 under the ticker CIXX to help facilitate U.S. transactions.

CI’s stock price is up more than 97% from the start of the year, which is more than double the 41.5% industry average performance and compares to a 26.2% gain by the S&P 500 Index over the same period.