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CI Financial Gobbles Up $2.6B RIA in Pennsylvania

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What You Need to Know

  • With this deal and another other recent transaction, the firm says its U.S. assets should soon hit $68 billion.

CI Financial is buying Radnor Financial Advisors, an RIA based near Philadelphia with about $2.6 billion in client assets.

With this deal and another other recent transaction, the firm says its U.S. assets should soon hit $68 billion. (CI announced plans to acquire San Diego-based RIA Dowling & Yahnke, which works with $5.1 billion in assets, in May.)

The purchase is Toronto-based CI’s Financial’s 19th deal in the U.S. (including acquisitions by its affiliated RIAs) since January 2020 and its first in Pennsylvania.

“Radnor Financial Advisors is an exemplary RIA that is well recognized for its best-in-class client service and team … ,” said CI Financial CEO Kurt MacAlpine, in a statement. “We look forward to helping them expand their services and continue to deliver for their incredible client base.”

Founded in 1989, the RIA focuses on serving senior corporate executives and specializes in executive compensation and financial planning. Its team does accounting and income tax services, as well as fiduciary income tax-return preparation.

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“Advanced capabilities in tax advice and preparation are extremely valuable for high-net-worth clients and Radnor’s expertise in this area will be a great addition to our platform,” MacAlpine added.

The RIA has 25 team members, according to its website.

“We are excited to join the growing CI network of like-minded firms to continue Radnor’s growth, with a clear focus on providing superior client service, maintaining a fiduciary responsibility and expanding professional opportunities for our staff,” said Radnor President and Chief Investment Officer Michael Mattise.

Emigrant Partners, LLC/Fiduciary Network, is selling its minority interest in Radnor as part of the transaction, which is expected to close in the third quarter.

(Photo: Shutterstock)