CI Financial has picked a majority stake in Burlington, Ontario-based investment advisory business Aligned Capital, marking its third deal in a week.
Financial details of the deal including the size of the stake were not revealed.
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Aligned Capital brings around $10bn in assets to CI, increasing the latter’s North American wealth management assets to $74m. This represents a surge of 57% over the last 12 months.
The latest deal, which is pending regulatory approval, also increases CI’s adviser headcount by over 200.
Upon deal completion in the third quarter of this year, CI will have around $59bn in Canadian wealth management assets and 1,100 adviser teams.
Aligned Capital founding partner, president and managing director Christopher Enright said: “CI’s financial strength and experience in both investment and wealth management will allow for the continued investment in technology, support and services for our advisers and their clients and drive the development of our business into its next stage.”
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By GlobalDataThe acquired entity will remain under the leadership of its existing management headed by Enright and founding partner, executive vice president and managing director Michael Greer.
CI said that it will realise cost synergies from the deal by offering the acquired business access to its corporate services and via increased scale in wealth management.
The wealth manager also expects revenue synergies through integration of customised asset management solutions.
CI CEO Kurt MacAlpine called Aligned Capital a “strong fit”.
“Additionally, the transaction will further diversify our distribution channels, as Aligned Capital is a leader in the IIROC segment (regulated by the Investment Industry Regulatory Organization of Canada),” MacAlpine stated.
CI’s two other recent purchases were California-based RIA Thousand Oaks Financial and Illinois-based wealth manager Balasa Dinverno Foltz (BDF).
Moreover, this May, CI took sole ownership of Canadian online wealth manager WealthBar Financial Services.
