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October 29, 2021

CI’s RGT Wealth Advisors snaps up Odyssey Wealth

By Verdict Staff

RGT Wealth Advisors, a subsidiary of Canadian wealth manager CI Financial, has acquired Dallas-based registered investment advisor (RIA) Odyssey Wealth Management for an undisclosed amount.

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
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by GlobalData
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Odyssey provides wealth management solutions to high-net-worth (HNW) and ultra-high-net-worth (UHNW) customers. The firm manages $200m in assets with offices in Plano, Texas.

The deal takes RGT’s total assets to around $5.5bn and further bolsters its presence in Dallas region and Texas.

RGT CEO Mark Griege said: “Odyssey’s dedication to client excellence and proven experience creating bespoke solutions for high-net-worth clients closely aligns with our mission. Our combined efforts and expertise will allow us to foster deeper relationships and better results for our clients.”

Odyssey founder and CEO Brent Little added: “Joining RGT and CI Private Wealth will provide our employees and clients with the scale and resources of a much larger firm, ultimately improving the financial outcomes we seek to achieve for our clients.”

Meanwhile, CI has been accelerating its consolidation activities in the US as part of its strategy to globalise the firm.

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

It followed acquisitions of Portola Partners Group last month and of Radnor Financial Advisors in this June.

Commenting on the latest deal, CI chief executive Kurt MacAlpine said: “This combination shows the appeal and the benefits of CI’s collaborative approach and focus on meeting client needs.

“It supports the continued development of the CI Private Wealth platform through the growth of RGT, one of the country’s leading RIAs, with an exceptional leadership team, a highly experienced, expert staff, and a long-term track record of growth and success.”

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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