The deal adds around $10bn in assets to CI, taking the firm’s assets past the $200bn mark for the first time.
CI’s total assets have now reached $204bn while its wealth management assets in Canada have now reached around $61bn representing a 20% surge.
The firm now has $76bn in total wealth management assets including its operations in the US.
The transaction also brings more than 200 financial advisers to CI.
CI CEO Kurt MacAlpine called Aligned Capital an “excellent fit”.
MacAlpine noted: “This transaction is a major step forward in executing on our strategic priority of expanding CI’s wealth management platform.
“For the year-to-date, we have onboarded $27 billion in new adviser assets, versus $1 billion in each of 2019, 2018, and 2017. Our growing scale in wealth management will allow us to realise important synergies while supporting continued investment in enhanced services for clients and advisers.”
Aligned Capital will remainder under the leadership of founding partner, president and managing director Christopher Enright and founding partner, executive vice-president and managing director Michael Greer.
Enright stated: “CI’s financial strength and extensive experience in wealth management make them the ideal partner for us, our advisers and our clients.”
The deal was announced in August this year.
CI has made sixth direct RIA deals in 2020, with the most recent being the acquisition of Bowling Portfolio Management.
This July this year, CI, through its subsidiary OCM Capital Partners (OCP), announced the purchase of Thousand Oaks Financial.
Earlier in 2020, CI took full ownership of online wealth manager WealthBar Financial Services.