Canadian wealth manager CI Financial has continued its growth trajectory in the US RIA space with the purchase of St. Petersburg-based Doyle Wealth Management (DWM).

The deal, whose financial terms were not disclosed, expands CI’s presence to Florida. It is pending regulatory nod.

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DWM, which manages $1.1bn in assets, is CI’s 11th US RIA deal since it entered the market in February this year.

The DWM deal, alongside other pending acquisitions, will increase CI’s US wealth assets to more than $14bn, noted the firm.

Commenting on the deal, CI CEO Kurt MacAlpine said: “Doyle Wealth Management has established a strong reputation, built great capabilities in financial planning and tax planning, and achieved exceptional growth since its founding.

“There is significant potential for DWM’s continued growth in the Tampa Bay area – one of the fastest-growing large urban areas in the US – and throughout Florida, both in wealth planning and in tax preparation services. Additionally, the region’s popularity with Canadian snowbirds offers tremendous opportunities for CI and Doyle to offer cross-border services to Canadian clients.”

Founded in 2005, DWM offers comprehensive financial planning and customised investment portfolios, to HNWIs as well as tax preparation services to select clients.

DWM president and CIO Robert Doyle said: “This partnership will allow us to expand the depth of our service offering and improve all aspects of our operations – leading to an enhanced experience for our clients. Joining with CI will advance the development of our firm, benefiting our clients and providing new opportunities for our employees.”

DWM co-founders Doyle and CFO Jillian Doyle will continue to spearhead the firm upon deal completion in the end of the year.

Earlier this week, CI Financial signed an agreement to acquire a majority stake in Houston-based firm Stavis & Cohen Financial.