CI Financial, the Canadian mega buyer of U.S. advisory businesses, is gobbling up another big RIA. CI announced Tuesday that it's acquiring R.H. Bluestein & Co., a $4.1 billion registered investment adviser with offices in Detroit and New York City that focuses on the ultra-high-net-worth market.
The deal, which is expected to close by the end of the year, will push CI’s total U.S. wealth management assets to $87.5 billion, and its total assets globally to $264 billion.
CI has been the most aggressive buyer of large RIAs since entering the U.S. market in early 2020. This deal marks its first office in Michigan, and is touted as strengthening CI’s Midwest presence, which currently includes offices in Chicago, Cincinnati and Columbus.
Founded in 1990, Bluestein is led by Robert Bluestein and Jeffrey Bluestein, and serves families throughout the country. The wealth and investment management firm specializes in delivering tailored services to individuals, trusts and multigenerational families.
“We are impressed with the business that CI has developed in the U.S. and the high caliber of the people and companies in the group,” Robert Bluestein, president of the firm, said in the announcement. “We believe this partnership provides a unique platform upon which we can continue to deliver a positive client experience for years to come.”
Based in Toronto, CI opened a U.S. headquarters in Miami 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 to help facilitate U.S. transactions.
It's the mega-RIA firm's third $1B+ acquisition in just three months.
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