CI Financial acquires $3.4 billion Ohio-based RIA
The addition of Budros Ruhlin & Roe will give the Toronto-based aggregator a total of $74 billion in U.S. wealth management assets.
Toronto-based CI Financial is acquiring a $3.4 billion registered investment adviser. The addition of Columbus, Ohio-based Budros Ruhlin & Roe will push CI’s U.S. wealth management footprint to approximately $74 billion.
The deal is expected to close by the end of this year. It marks the Canadian aggregator’s 16th direct acquisition in the U.S., and its 20th deal including sub-acquisitions, since entering the market 20 months ago.
CI, a publicly traded conglomerate whose shares are listed on both the Toronto and New York stock exchanges, has about $250 billion in total wealth management assets.
Budros Ruhlin & Roe was established in 1979 and has grown into a firm that works primarily with high-net-worth families and foundations. It also offers retirement plan management for both company-sponsored retirement plans and pension plans.
In 2011, the RIA was awarded the Schwab Impact Best in Business Award, bestowed on one firm each year.
“While this is an acquisition, we also see it as an exciting merger with like-minded friends in the industry who share our fiduciary approach and high standards,” Dan Roe, co-chief executive of Budros Ruhlin & Roe, said in a statement.
The Ohio firm adds to CI’s presence in the Midwest, where it has RIAs in Chicago and Cincinnati.
In the announcement of the deal, CI CEO Kurt MacAlpine said Budros Ruhlin & Roe “share our client-centered approach and emphasis on comprehensive wealth planning. Their highly accomplished team will play a valued role in building CI Private Wealth into a national leader.”
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