Canadian asset manager CI Financial has agreed to take complete ownership of Bowling Portfolio Management, a woman-owned RIA in Cincinnati, Ohio.
The acquisition of Bowling, which manages $450m in assets, is CI’s sixth direct RIA deal in 2020.
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The deal consideration was not revealed.
The transaction continues the build-out of CI’s US wealth management business.
The asset manager will launch the CI Private Wealth brand in Canada and the US to represent its HNW and UHNW advisory businesses.
CI CEO Kurt MacAlpine said: “The acquisition of Bowling gives us a presence in Cincinnati, a strategically important business hub, and expands our business in the region.
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By GlobalData“With our recent acquisition of Balasa Dinverno Foltz of Itasca, Illinois, our CI Private Wealth companies will be managing approximately US$5 billion of high-net-worth assets in the Midwest.”
As part of the deal, Bowling president and CEO Kathy Wayner will remain with the business in a consulting capacity.
Wayner will be replaced by Darren Kavesh, currently Bowling’s CIO and managing partner.
The deal is expected to complete later this year and awaits regulatory nod.
Wayner stated: “CI will be a great partner for our firm and our employees with its plans for growth locally and nationally.
“This relationship will also be incredibly beneficial for our clients, given the breadth and depth of CI’s capabilities in serving high-net-worth individuals, families and business owners.”
Bowling serves HNW clients, offering them financial planning and investment management services.
The business was set up in 1982.
Other acquisitions
In the US, CI also has ownership interests in Balasa Dinverno Foltz, The Cabana Group, Congress Wealth Management, One Capital Management, and Surevest.
After the completion of pending deals, CI will have around $11.5bn wealth assets in the US.
Meanwhile, last month, CI picked a majority stake in Ontario-based Aligned Capital.
CI’s North American wealth management operations now manage around $57bn in assets.
