View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 6, 2020

CI adds $1.1bn with acquisition of Florida’s Doyle Wealth Management

By Verdict Staff

Canadian wealth manager CI Financial has continued its growth trajectory in the US RIA space with the purchase of St. Petersburg-based Doyle Wealth Management (DWM).

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

The deal, whose financial terms were not disclosed, expands CI’s presence to Florida. It is pending regulatory nod.

DWM, which manages $1.1bn in assets, is CI’s 11th US RIA deal since it entered the market in February this year.

The DWM deal, alongside other pending acquisitions, will increase CI’s US wealth assets to more than $14bn, noted the firm.

Commenting on the deal, CI CEO Kurt MacAlpine said: “Doyle Wealth Management has established a strong reputation, built great capabilities in financial planning and tax planning, and achieved exceptional growth since its founding.

“There is significant potential for DWM’s continued growth in the Tampa Bay area – one of the fastest-growing large urban areas in the US – and throughout Florida, both in wealth planning and in tax preparation services. Additionally, the region’s popularity with Canadian snowbirds offers tremendous opportunities for CI and Doyle to offer cross-border services to Canadian clients.”

Founded in 2005, DWM offers comprehensive financial planning and customised investment portfolios, to HNWIs as well as tax preparation services to select clients.

DWM president and CIO Robert Doyle said: “This partnership will allow us to expand the depth of our service offering and improve all aspects of our operations – leading to an enhanced experience for our clients. Joining with CI will advance the development of our firm, benefiting our clients and providing new opportunities for our employees.”

DWM co-founders Doyle and CFO Jillian Doyle will continue to spearhead the firm upon deal completion in the end of the year.

Earlier this week, CI Financial signed an agreement to acquire a majority stake in Houston-based firm Stavis & Cohen Financial.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International