Canadian wealth manager CI Financial has closed the purchase of a majority stake in California-based RIA One Capital Management.
Details on the deal value and the precise stake size were not revealed.
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The deal, which forms part of CI’s plan to bolster its US presence through the takeover of RIAs, was announced in December last year.
At the time of the deal announcement, One Capital managed around $1.6bn in assets.
The firm offers specialisations in family office services and has a unit dedicated to the needs of professional athletes and entertainers.
Last month, the firm agreed to pick a stake in Arkansas RIA Cabana Asset Management, a unit of The Cabana Group, as part of the same plan.
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By GlobalDataIn 2019, CI acquired a majority stake in Arizona-based Surevest Wealth Management.
Meanwhile, CI also offered an update on its total assets at the end of April 2020.
At the end of the period, the firm’s preliminary assets under management totalled $118.8bn while its assets under administration reached $47.5bn.
Assets under administration include the assets of Assante Wealth Management (Canada), CI Private Counsel, WealthBar Financial Services, Virtual Brokers, as well as Surevest.
Assets under management in the month of April rose almost 7% while assets under administration increased over 6%.
Assets under management slipped 10% on a year-on-year basis while assets under administration increased 1%.
