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.
The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.
The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.
The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”
The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.