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July 31, 2020

CI Financial inks deal to acquire Thousand Oaks Financial

Toronto-based wealth manager CI Financial, through its subsidiary OCM Capital Partners (OCP), has agreed to acquire California-based RIA Thousand Oaks Financial.

Financial details of the transaction were not made public.

Thousand Oaks Financial operates as Professional Planning.  It offers financial planning and wealth management services to clients.

The firm specializes in meeting the planning needs of professional animators and serves the sports and entertainment industries.

As of 30 June 2020, its AUM totaled nearly $440m.

Founded in 1973 by Melvyn Nachman, Professional Planning and its advisers have an average of 30 years of experience.

As part of the deal, Professional Planning’s adviser team will merge into OCM’s advisory team.

The transaction is expected to complete in September this year.

OCM president Patrick Bowen said: “This arrangement provides continuity for Professional Planning’s clients while giving them and their advisers access to the additional services and support of a larger firm.

“OCM is pleased to partner with these advisers, offering them a gradual transition and long-term stability for their clients.”

To build a growing wealth management business in the US, CI has acquired or agreed to acquire four RIAs with $6bn in total assets as of June.

In May, CI Financial took sole ownership of online wealth manager WealthBar.

In April, the firm agreed to acquire a stake in Cabana Asset Management.

Earlier this year, CI bought a majority stake in One Capital Management.

In 2019, CI picked a majority stake in Surevest Wealth Management.

CI CEO Kurt MacAlpine said: “OCM’s acquisition of Professional Planning illustrates the advantages of this model.

“Our RIAs drive growth in the markets they know best while together we deliver industry-leading, client-focused wealth management services.”

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