Canadian asset manager CI Financial has agreed to buy American RIA Brightworth, which oversees around $4.7bn in assets.
Financial terms of the agreement were not shared.
Go deeper with GlobalData
With offices in Atlanta and Charlotte, Brightworth provides investment advisory and financial planning services to HNW individuals, families, trusts, business owners, estates, charitable organisations, pension, and profit-sharing plans.
It focuses on corporate professionals and executives, dental industry professionals, and business owners through its business exit and transition services group.
CI Financial CEO Kurt MacAlpine said: “We’re thrilled that the dynamic team at Brightworth has chosen to join CI. They have built an exceptional firm based on a comprehensive, multi-generational approach to wealth planning combined with outstanding service.
“Additionally, they have developed expert teams offering highly tailored services to affluent client segments such as executives, business owners and dentists.”
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.
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 GlobalDataThe acquisition of Brightworth expands CI’s presence into the strategic southeast market. Atlanta, which is considered one of the largest urban economies in the US, houses several Fortune 500 companies.
Commenting on the deal, Brightworth CEO Ray Padrón said: “As a leading firm in our region, we look forward to joining CI’s dynamic network of firms to help build a leading integrated private wealth platform that will influence the future direction of wealth management in North America and globally.”
In conjunction with the deal, Emigrant Partners has agreed to sell its minority interest in Brightworth to CI.
The deal is expected to close in the second quarter the year, subject to regulatory, stock exchange and other customary closing conditions.
CI’s acquisition spree in the US
The latest deal marks CI’s 16th since it entered the US RIA space in January last year.
The firm, which has been on an acquisition spree of late, expects to double its US assets to about $55bn from its recent transactions, including the latest.
CI’s US expansion follows its strategic ambition of globalising the firm and bolstering its wealth management platform.
As part of this, CI said it will extend the CI Private Wealth brand to its operations in the US in the coming months.
