Canadian wealth manager CI Financial has agreed to pick a strategic interest in Boston-based RIA Congress Wealth Management.

Financial details about the transaction were not divulged. Deal closure is anticipated in the third quarter of this year.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Congress administers $2.3bn in assets. The business serves HNWIs, foundations, and endowments by offering wealth management and family office services.

The latest deal builds on a partnership between CI and Congress.

This February, CI helped fund Congress’s acquisition of California-based Domus Capital Group.

Besides, CI is supporting Congress in another takeover that will boost the latter’s assets to more than $3bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Congress president Paul Lonergan said: “By joining with a firm with a similar philosophy and client-centered approach to wealth management, we can build scale while we enhance the spectrum of services and solutions we offer.”

The Congress deal forms part of CI’s strategy to increase presence in the US RIA space.

As part of this strategy, the firm agreed to acquire stakes in Cabana Asset Management, Surevest Wealth Management and One Capital Management.

Congress is the fourth US RIA in which CI will own a stake. Together, these four RIAs will have $6.6bn in assets under administration.

CI CEO Kurt MacAlpine said: “The RIA sector is the fastest-growing segment in U.S. wealth management and Congress’s location in Boston, a centre for the technology, health, finance and education industries, holds additional growth potential.

“This investment also allows us to provide our Canadian clients with cross-border wealth services, another benefit of our RIA strategy.”