CI Financial has signed an agreement to purchase Chicago-based wealth and investment management firm Gofen and Glossberg (Gofen), which oversees $7.5bn in assets.
The deal, whose financial terms were not disclosed, marks CI’s third registered investment advisor (RIA) acquisition in Chicago.
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The transaction is expected to close later this quarter.
Founded in 1932, Gofen provides personalised investment solutions and planning solutions to mainly high-net-worth (HNW) families.
The firm is led by its executive committee comprising Charles Gofen, James Borovsky, Michael Stelmacki and Peter Kupferberg.
CI CEO Kurt MacAlpine said: “Gofen’s committed team, tenured client relationships and attention to customization highlight their desire to go above and beyond. This is exactly the type of firm CI looks to add to its growing CI Private Wealth group.”
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By GlobalDataThe addition of Gofen is expected to expand CI’s presence in the broader Midwest of the US.
Commenting on the deal, Gofen said: “In CI Private Wealth, CI has built an impressive and compelling platform that includes top-tier wealth management firms across the country.
“We look forward to collaborating with our new colleagues and are confident that the sharing of knowledge and expertise will greatly benefit our practice and our clients.”
Meanwhile, the latest acquisition follows a series of M&A activities by CI in the US.
The firm, which is looking to bolster its US presence as part of a global expansion strategy, recently signed a deal to buy a majority holding in US-based RIA Bluestein.
It follows a number of acquisition deals signed by the firm this year, including that of McCutchen Group, Portola Partners Group, and Radnor Financial Advisors.
CI expects the assets in its US wealth management business to reach approximately $95bn (C$121bn) following the closure of the latest and other recently announced acquisitions.
The firm’s total assets globally are anticipated to reach approximately $271bn (C$344bn).
