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Technology > Investment Platforms > Turnkey Asset Management

CI Financial Strikes 10th U.S. Wealth Deal of the Year

By Jeff Berman

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Toronto-based CI Financial is strengthening its presence in Texas by acquiring a majority stake in Dallas-based RGT Wealth Advisors, an RIA with about $4.7 billion in wealth assets.

Tuesday’s announcement represents CI’s 10th U.S. wealth management and 13th overall acquisition this year, as well as its fourth transaction this month.

It follows the recent news of its plans to acquire $2.7 billion Roosevelt Investment Group in New York, $1.1 billion Doyle Wealth Management in Tampa 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.

CI also closed on its purchase of $450 million Bowling Portfolio Management in Cincinnati, Ohio, this month — a deal first announced Sept. 21.

Once completed, the addition of RGT and other pending acquisitions will boost CI’s U.S. wealth assets to about $21 billion, according to the investment management firm.

After the close of all pending transactions, CI’s North American wealth management business will have $68 billion in wealth management assets and total assets of about $164 billion, up from $152 billion on Oct. 31, it says.

More on the Texas-based RIA

RGT offers financial planning services to high-net-worth individuals and family office services in Texas and across the U.S. It is CI’s “largest U.S. acquisition by assets to date [and] a growing firm with an exceptional team, strong leadership and well-developed expertise attuned to the needs of their clients,” according to CI CEO Kurt MacAlpine.

RGT “will maintain a meaningful ownership stake in our business and continue to build on our 35-year entrepreneurial legacy,” explained RGT CEO Mark Griege.

CI’s resources “will allow us to enhance our investment options, family office services and technology —  ensuring that RGT continues to serve our clients at the highest level for generations to come,” he said in a statement.

CI bought the interest in RGT Wealth for an undisclosed amount of cash and shares. The transaction is expected to close in the fourth quarter of 2020.

Jeff Berman

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