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.

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Recently, 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.