Canadian asset manager CI Financial has signed an agreement to acquire a majority stake in the Houston-based registered investment advisor (RIA) firm Stavis & Cohen Financial (SCF).
The financial details of the transaction were not disclosed.
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The latest deal will increase CI’s US assets to nearly $13bn and North American wealth assets to around $59bn, based on assets as at 30 September.
With nearly $570m in assets, SCF is a woman-owned wealth management firm led by co-founders Deborah Stavis and Eddie Cohen.
As a financial planner, the company caters to high-net-worth families offering individualised guidance and wealth planning support.
Particularly, the services include retirement planning, investment management, risk management, estate planning and business succession among others.
The deal is expected to close before the end of this year, subject to customary closing conditions and regulatory approval.
SCF CEO Deborah Stavis said: “CI is the ideal partner for our clients, our employees and our business as we move to the next phase of our development.
“CI understands and shares our mission of helping families navigate the complexities of accumulating, preserving and distributing assets to achieve their goals through an in-depth planning approach.
“Their deep experience in both asset and wealth management complements our services, enhances the value we offer our clients, and supports our growth.”
CI CEO Kurt MacAlpine said: “Deborah has been a financial planning pioneer in Houston and she and Eddie and their team have built an exceptional business with deep ties in the community.
“We look forward to working with Stavis & Cohen to grow their business in Houston, a dynamic and attractive market for us.
“Their specialisation in serving corporate executives in the oil and gas sector presents strategic synergies with our Western Canadian wealth management business, allowing us to seamlessly serve industry clients both north and south of the border.”
This is CI’s tenth RIA acquisition this year.
In September, the company agreed to take over the ownership of Bowling Portfolio Management.
