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November 12, 2020

CI expands reach to New York with purchase of $2.7bn RIA Roosevelt

Canadian wealth manager CI Financial has forayed into the New York market by agreeing to take full control of The Roosevelt Investment Group (Roosevelt).

The deal, whose financial terms were not shared, marks CI’s 12th US RIA deal this year and its third deal in two weeks.

Recently, CI expanded its reach to Florida with the purchase of $1.1bn RIA Doyle Wealth Management.

CI recently also entered into an agreement to take a majority stake in Houston-based RIA Stavis & Cohen Financial that has around $570m in assets.

The Roosevelt deal adds $2.7bn in assets to CI’s books, increasing its wealth assets in the US to nearly $16.5bn.

The takeover of Roosevelt, which offers financial planning and wealth management services to HNW in the greater New York area, is CI’s first purchase of New York.

Commenting on the transaction, Roosevelt co-CEO Adam Sheer said: “CI’s expertise in asset and wealth management puts them in a unique position to understand our firm’s DNA and how we differentiate ourselves.

“In addition, CI’s commitment to proactively reinvesting to serve and support the needs of multi-generational client families makes them an ideal partner for our firm and our clients.”

CI CEO Kurt MacAlpine said: “Roosevelt has an extensive legacy of serving some of the most prominent families and individuals in New York – and beyond – and we are excited to provide them with the resources needed to continue to grow.”

CI also has stakes in US RIAs One Capital Management, Cabana Asset Management, Surevest Wealth Management, as well as Congress Wealth Management.

Upon the completion of the pending deals, CI’s North American wealth management business will have around $63bn in assets.


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