CI Financial, which is on acquisition spree of late, has brokered the next deal to further expand its US footprint.

The Canadian wealth manager finalised an agreement to buy Seattle-based ultra-high-net-worth (UHNW) focused wealth management firm McCutchen Group, which oversees $3.4bn in assets.

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The financial terms of the deal were not disclosed.

Founded in 2007, McCutchen offers a spectrum of financial advisory services, including investment management, tax, charitable and estate planning, and family office services.

CI CEO Kurt MacAlpine remarked that the deal would boost the firm’s presence and expertise in the UHNW space.

“In addition, McCutchen Group is CI’s first office in the Pacific Northwest and provides a solid foundation for continued growth in that region,” MacAlpine added.

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CI entered into the US-registered investment advisor sector in January last year. Since then, the firm has been accelerating its consolidation activities as part of its strategy to globalise the firm.

The latest deal is expected to increase the company’s US wealth management assets to approximately $83bn (C$106bn)

Commenting on the deal, McCutchen Group founder and CEO Matt McCutchen said: “CI is an ideal partner for us and our clients, given the strong alignment of culture and values and its commitment to a client-focused model.

“Working with CI will allow us to expand and enhance the services we offer our clients while preserving the advisory model that our clients value.”

Last month, CI Financial agreed to buy Silicon Valley wealth management firm Portola Partners Group, which caters to ultra-high-net-worth UHNW families.

In June, the firm brokered a deal to buy Radnor Financial Advisors, which primarily serve HNW families in the Greater Philadelphia region of the US.