Toronto mega-buyer CI Financial acquires Roosevelt Investments

Toronto mega-buyer CI Financial acquires Roosevelt Investments
Canadian consolidator has made 12 deals since February, and three in less than two weeks
NOV 11, 2020

Toronto-based RIA consolidator CI Financial has taken another big bite out of the U.S. wealth management market with the announced acquisition of the Roosevelt Investment Group, a New York institution with $2.7 billion under management.

The Roosevelt acquisition marks CI’s 12th registered investment adviser deal since it entered the U.S. market in February, and it gives the Canadian mega-buyer its first entry into the all-important New York market.

Including Roosevelt, CI now has four deals in the pre-close stage.

Following the close of all the pending transactions, CI’s North American wealth management business will have approximately $63 billion, including $16.3 billion through U.S.-based RIAs.

“We are excited to enter the New York market and thrilled to partner with Roosevelt, a firm whose deep roots in the region trace back to the family of President Theodore Roosevelt,” CI’s Chief Executive Kurt MacAlpine said in a statement.

“Roosevelt has an extensive legacy of serving some of the most prominent families and individuals in New York and beyond, and we’re excited to provide them with the resources need to continue to grow,” he added.

The Roosevelt acquisition is CI’s third deal in less than two weeks, a period in which it also filed to list the company on the New York Stock Exchange.

CI has been a public company listed on the Toronto Stock Exchange since 1995, but MacAlpine said the NYSE listing will provide the company with another means of paying for RIAs.

All of CI’s transactions to date have been cash deals, but MacAlpine said the pending transactions are likely to include a mix of cash and NYSE-listed stock.

Latest News

UBS sees a net loss of 111 financial advisors in the Americas during the second quarter
UBS sees a net loss of 111 financial advisors in the Americas during the second quarter

Some in the industry say that more UBS financial advisors this year will be heading for the exits.

JPMorgan reopens fight with fintechs, crypto over fees for customer data
JPMorgan reopens fight with fintechs, crypto over fees for customer data

The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.

The average retiree is facing $173K in health care costs, Fidelity says
The average retiree is facing $173K in health care costs, Fidelity says

Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.

Advisor moves: NY-based Coastline wealth adds three teams with over $430M in assets
Advisor moves: NY-based Coastline wealth adds three teams with over $430M in assets

Raymond James also lured another ex-Edward Jones advisor in South Carolina, while LPL welcomed a mother-and-son team from Edward Jones and Thrivent.

Fintech bytes: Vestwell comes through for underserved savers with multilingual support
Fintech bytes: Vestwell comes through for underserved savers with multilingual support

MyVest and Vestmark have also unveiled strategic partnerships aimed at helping advisors and RIAs bring personalization to more clients.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

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.