Canadian wealth manager CI Financial has bought a majority stake in Surevest Wealth Management to bolster its presence in the US RIA market.
Financial terms of the deal were not disclosed.
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Based in Phoenix, Arizona, Surevest offers financial planning and investment management services to HNWIs.
The company was founded in 2002 by Robert *, who currently serves as its CEO and chief investment strategist. Surevest also operates another office in Los Angeles.
CI CEO Kurt MacAlpine said: “The US has the world’s largest and most accessible wealth management market and RIAs are its fastest-growing segment.
“As a well-capitalised company with extensive experience in wealth management and a unique value proposition relative to other firms, CI is in a strong position to acquire leading RIAs and foster their continued expansion.”
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By GlobalDataRecently, CI intensified its efforts to further its footprint in North America. Weeks ago, it signed a deal to acquire the Canadian unit of ETF provider WisdomTree Investments.
The company recently also invested in d1g1t to support its commercial expansion and product offering.
The latest deal is aligned with two of CI’s three strategic priorities, namely “expanding its wealth management platform and globalising the firm”.
The third priority seeks to enhance its asset management business.
Furthermore, CI is set to take over another US-based RIA, details of which will be unveiled later in 2019.
MacAlpine said: “The role of financial advisers is more important today than ever before.
“They continue to provide tremendous value to clients in an increasingly complex and challenging financial environment and it’s that value which underlies the growth of RIAs.
“CI offers financial strength and wealth management expertise and we will be partnering with ambitious RIAs that are seeking to expand their businesses.”
At the end of October 2019, CI’s wealth management businesses, including Assante Wealth Management (Canada) and CI Private Counsel, reported C$48bn ($36.1bn) in assets under advisement.
