Canadian asset manager CI Financial has entered into an agreement with its wholly-owned unit Assante Wealth Management (Canada) to take a minority stake in the Dorval, Quebec operation of Assante.
The Dorval operation is Assante’s largest regional centre.
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It offers wealth planning services across Quebec. Its clients include individuals, business owners, and professionals.
Serving as Assante’s Quebec regional corporate office, it is Assante’s largest retail presence by AUM with 59 licensed financial advisers.
The deal is the first direct equity investment in a regional or local operation for Assante.
Usually, an adviser or adviser team owns these offices.
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By GlobalDataAssante Dorval is headed by Peter Pomponio and CFO Nick Marando.
The leadership will remain unchanged upon deal completion in the final quarter of this year.
Financial details about the deal were not divulged.
Assante president Sean Etherington said: “Large, growing, centrally located operations like Assante Dorval are essential to the continued success of our wealth management business in Canada.
“CI’s investment in Assante Dorval will support the business by strengthening the platform for recruiting high-performing advisers, promoting continued growth in the high-net-worth advisory segment and allowing for long-term succession planning opportunities.
Other acquisitions
CI has made sixth direct RIA deals in 2020, with the most recent being the acquisition of Bowling Portfolio Management.
In the US, CI also has ownership interests in Balasa Dinverno Foltz, The Cabana Group, Congress Wealth Management, One Capital Management, and Surevest.
Last month, CI took a majority stake in Aligned Capital.
In July this year, CI, through its subsidiary OCM Capital Partners (OCP), agreed to acquire Thousand Oaks Financial.
Earlier this year, CI took full ownership of online wealth manager WealthBar Financial Services.
