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May 10, 2021 at 03:07 PM
What You Need to Know
- The purchase of Dowling & Yahnke will give CI Financial its first San Diego location.
- The Toronto-based firm continues to expand its U.S. footprint through acquisitions.
- The firm is extending its CI Private Wealth brand to its U.S. operations.
CI Financial, a wealth and investment management firm based in Toronto, signed a deal to acquire Dowling & Yahnke, a San Diego-based registered investment advisor with $5.1 billion in assets, CI said Monday.
D&Y is led by Dale E. Yahnke, who is CEO of a team of 50, according to its website.
Other recent acquisitions by CI included Pinnacle Advisory Group of Columbia, Maryland, by CI-affiliated RIA Congress Wealth Management, announced May 3, and Brightworth, an Atlanta-based RIA with about $4.7 billion in client assets, announced in March.
The purchase of D&Y will give CI its first San Diego location, and the addition is expected to more than double its assets in the key Southern California market as the Canadian financial services firm continues to expand its overall U.S. footprint. CI’s U.S. wealth management business now consists of holdings in 13 RIA firms across the country, it said.
The acquisition would boost CI’s U.S. assets to $63 billion and total assets under management and wealth management assets globally to $230 billion, it said. CI managed and advised on about $192 billion in client assets as of March 31.
The transaction would be CI’s 18th RIA purchase (including acquisitions by CI-affiliated RIAs) and its second-largest acquisition of an RIA to date, it said.
CI didn’t specify what its largest acquisition was and did not immediately respond to a request for comment. Terms of the D&Y deal were not disclosed.
