Canadian asset manager CI Financial has agreed to purchase a majority stake in local online wealth management platform WealthBar Financial Services.

Financial terms of the deal or the precise size of the stake being acquired were not revealed.

Following the completion of the deal in January next year, WealthBar will continue to run as a stand-alone entity.

WealthBar’s management team will also remain intact, including co-founder and CEO Tea Nicola, co-founder and chief technology officer Chris Nicola and CIO and chief compliance officer Neville Joanes. All of them will continue to hold an ownership stake in the business.

“CI Financial is a strong company. Their independence and objectivity were important reasons for our decision to choose them as partners. WealthBar has achieved rapid growth since our launch in 2014 and CI Financial’s backing and resources will put us on a new growth trajectory as we build on our success in technology, client experience and products,” Nicola noted.

The acquisition is said to broaden CI Financial’s advisory services offering and strengthen its position as a diversified wealth manager in Canada.

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CI Financial CEO Peter Anderson said: “WealthBar has developed a best-in-class digital advice platform with industry-leading tools and services and a superior client experience.

“The addition of this technology and expertise will accelerate the development of CI’s comprehensive digital strategy, which is focussed on innovation, operational efficiency, adviser productivity and client experience across all of our businesses in asset management and wealth management.”