In a year-end rush to wrap up deals before any potential new taxes kick in, serial acquirer CI Financial announced a twofer Wednesday morning involving advisory firms that combine for more than $10 billion in client assets under management.
The Toronto-based aggregator, which has been on a record-level buying spree since entering the U.S. market just two years ago, is buying Columbia Pacific Wealth Management, a $6.4 billion registered investment adviser with offices in Seattle and San Francisco.
Additionally, CI Financial will acquire a minority ownership stake in Columbia Pacific Advisors, an alternative asset management firm that manages $3.5 billion across real estate, private equity, direct lending and other hedging strategies.
The deals represent CI’s 29th and 30th acquisitions of U.S. firms, respectively, and will push CI’s U.S. footprint to $115 billion in assets.
Alex Washburn, co-founder and managing partner of CPWM and CPA, said, the partnership with CI will “broaden the resources and support available to Columbia Pacific as we continue to enhance the universe of investment opportunities for the families we advise.”
“CI has earned a reputation for investing in best-in-class teams, and we are thrilled to partner with them as they make a permanent investment in our companies,” he added.
At $6.4 billion, CPWM will represent CI's third largest transaction behind Segall Bryant & Hamill, a $23 billion RIA acquired earlier this year, and Gofen & Glossberg, a $7.5 billion deal announced last month.
The latest deal bumps last week’s announced acquisition of $6 billion RegentAtlantic down to the fourth slot in terms of deal size.
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