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September 17, 2020

CI Financial finalises takeover of Balasa Dinverno Foltz

Canadian asset manager CI Financial has concluded the purchase of Itasca, Illinois-based private wealth manager Balasa Dinverno Foltz (BDF).

Deal details

The deal, whose value was not revealed, brings $4.5bn in assets to CI Financial.

With the transaction, CI Financial’s US wealth assets grow to nearly $11bn.

Announced last month, the acquisition continues the build-out of CI Financial’s wealth operations in the US and offers it a leading presence in the Chicago region.

The deal is the fifth direct RIA acquisition by CI Financial in 2020.

Chad Carlson will assume the role of president and co-CIO of BDF.

Carlson noted: “We share a client-centred, comprehensive approach to wealth management that helps our clients live full lives.

“As part of CI, we look forward to continuing to enhance our service offering and growing the firm.”

BDF serves individuals and families, business owners and institutions and non-profit organisations.

Established in 2001, the business employs 62 people.

CI Financial CEO Kurt MacAlpine said: “Adding a firm of BDF’s size and excellence significantly accelerates our U.S. wealth strategy.

“As we add scale to the business, we can realise synergies and provide service enhancements across our network, such as deeper wealth planning support and a wider choice of effective investment solutions.”

“Furthermore, we will be introducing the CI Private Wealth brand in the United States and Canada to represent our high-net-worth and ultra-high-net-worth advisory businesses and support our unique value proposition.”

Other deals

CI Financial also has stakes in US RIAs One Capital Management, Cabana Asset ManagementSurevest Wealth Management, and Congress Wealth Management.

Meanwhile, last month, CI Financial picked a majority stake in Ontario-based investment advisory business Aligned Capital.

Through its subsidiary OCM Capital Partners (OCP), CI Financial recently also agreed to acquire California-based RIA Thousand Oaks Financial.

This year, CI Financial also took sole ownership of WealthBar Financial Services.

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