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Canadian Investment Firm Nabs $2.7B RIA

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Toronto-based CI Financial is entering the New York market with its planned purchase of Roosevelt Investment Group, an RIA with $2.7 billion in assets.

Once completed, the addition of Roosevelt and other pending acquisitions will boost CI’s U.S. wealth assets to about $16.5 billion, according to the investment management firm. Terms of the transaction weren’t disclosed.

“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,” according to Kurt MacAlpine, CI CEO. CI will provide Roosevelt with “the resources needed to continue to grow.”

Wednesday’s announcement highlights CI’s 12th RIA deal this year and its third transaction in two weeks. It follows the recent news of its plans to acquire $1.1 billion Doyle Wealth Management in Tampa (its first RIA in Florida) and a majority interest in $570 million Stavis & Cohen Financial in Houston. The latter was CI’s second purchase of a woman-owned wealth firm.

In September, CI also announced its plan to acquire $450 million Bowling Portfolio Management in Cincinnati, Ohio, as part of its aggressive U.S. growth strategy. These transactions are expected to close before the end of 2020, subject to customary closing conditions including regulatory approval, the firm says.

Roosevelt specializes in providing financial planning and wealth management services to high-net-worth families in the greater New York area. It is led by co-CEOs Adam Sheer and David Sheer.

In the United States, CI also holds interests in Balasa Dinverno Foltz in Itasca, Illinois; The Cabana Group in Fayetteville, Arkansas; Congress Wealth Management in Boston; One Capital Management in Westlake Village, California; and Surevest Private Wealth in Phoenix, Arizona.

As part of its strategy, CI will extend its CI Private Wealth brand, recently introduced in Canada to represent its high-net-worth and ultra-high-net-worth advisory businesses, to the U.S., it says.

After the close of all pending transactions, CI’s North American wealth management business will have about $63 billion in assets and its total asset and wealth management assets will reach a record $157 billion, according to the firm.

Toronto-based CI Investments, a unit CI Financial Corp., which offers global asset management and wealth management advisory services with U.S. $144.7 billion in assets as of Aug. 31, 2020.

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