Toronto-based CI Financial continues to gobble up large chunks of the U.S. advisory market with its purchase of a majority ownership stake in RGT Wealth Advisors, a Dallas-based firm managing $4.7 billion in client assets.
This marks the 13th acquisition of a U.S. registered investment adviser for CI since it crossed over Canada's southern border into the U.S. in February.
Once its purchase of RGT is completed, the addition will bring CI’s U.S. advisory assets to approximately $21 billion, and total North American wealth management assets to $63 billion.
This is the second deal the Canadian wealth management conglomerate has announced since it listed its shares on the New York Stock Exchange last Wednesday.
CI has been a public company listed on the Toronto Stock Exchange since 1995 under the ticker CIX, but Chief Executive Kurt MacAlpine said the NYSE listing under the ticker CIXX will provide the company with another means of paying for RIAs.
As MacAlpine said during his recent guest appearance on The InvestmentNews Podcast, the U.S. market is ripe with acquisition opportunities and CI has designs on becoming a dominant player in the space.
“The timing for this listing makes sense given the rapid growth in our U.S. wealth management business,” MacAlpine said.
Advisors can set their practice apart and win more business with a powerful graphic describing their unique business and value proposition.
The Labor Department's reversal from its 2022 guidance has drawn approval from crypto advocates – but fiduciaries must still mind their obligations.
With $750 million in assets and plans to hire a RIA Growth Lead, Autopilot is moving beyond retail to court advisors with separately managed accounts and integrations with RIA custodians such as Schwab and Fidelity.
Elsewhere on the East Coast, a Boca Raton-headquartered shop has acquired a fellow Florida-based RIA in "a natural evolution for both organizations."
After advising on nearly $700 million in retirement assets, 27-year veteran Greg Mykytyn is bringing his expertise in ESOP and 401(k) plans to the national RIA in Texas.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
