CI Financial has agreed to acquire some assets of Eaton Vance WaterOak Advisors, formerly Eaton Vance Investment Counsel (EVIC) division, from Morgan Stanley.
The deal, whose financial terms were not disclosed, is expected to close in the fourth quarter of this year.
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EVIC was a wealth management affiliate of Eaton Vance prior to its takeover by Morgan Stanley last year.
The firm specialises in investment management, financial, estate and tax planning, and family office and trust services.
The deal is part of CI’s growth strategy in the US, where it has been ramping up its presence since entering the country’s registered investment adviser (RIA) space in January 2020
CI CEO Kurt MacAlpine referred to the deal as one of the firm’s ‘largest US acquisitions by assets to date’.
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By GlobalDataFollowing the close of this as well as outstanding transactions, the Canadian wealth manager’s assets are expected to increase to $133bn in the US and $311bn, globally.
MacAlpine said: “With nearly a century of success, Eaton Vance Investment Counsel has earned its reputation as one of the country’s leading registered investment advisors and we are proud to welcome them to CI Private Wealth.”
EVIC co-president David McCabe said: “CI was an ideal choice for our firm and our clients, given the company’s long experience in asset management and wealth management and its dedication to building the leading US wealth management business focused on the ultra-high-net-worth and high-net-worth client segments.
“CI will be an exceptional partner, bringing extensive resources, which will ensure that we continue to serve our clients at the highest level for generations to come.”
This week, Canadian lender RBC struck a deal to acquire UK wealth manager Brewin Dolphin for £1.6bn.
