CI Financial Corp., a Toronto, Ontario-based owner of wealth management firms in the U.S. and Canada, has agreed to acquire Bowling Portfolio Management, a Cincinnati, Ohio-based women-owned RIA managing $450 million.
The transaction, terms of which were not announced, is expected to close by the end of the year.
CI’s ownership interests in the U.S. include Balasa Dinverno Foltz of Itasca, Illinois; The Cabana Group of Fayetteville, Arkansas; Congress Wealth Management, of Boston, Massachusetts; One Capital Management, of Westlake Village, California; and Surevest, of Phoenix, Arizona.
Its North American wealth management business manages approximately US $57 billion in assets.
The Cleveland-based RIA's latest tie-up extends the firm's national footprint into the Golden State, where opinions continue to be split over a contentious billionaire wealth tax proposal.
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The Olympia, Washington firm's retirement planning expertise reinforces the consolidator's growth momentum to exceed $160 billion in client assets.
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