CI Financial has brokered a deal to buy San Diego-based registered investment advisor Dowling & Yahnke (D&Y), which manages $5.1bn in assets.
Financial terms of the deal, which is expected to close later this quarter, have not been shared.
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D&Y provides personalised investment management and financial planning services to clients under the name Dowling & Yahnke Wealth Advisors.
The company caters to more than 1,300 clients, which majorly consists of individuals, families, and non-profit organisations.
Commenting on the deal, CI CEO Kurt MacAlpine said: “D&Y is our second-largest RIA acquisition to date and will be the sixth RIA in our group to have over C$5 billion in assets,”
“Our vision and value proposition continue to resonate with advisors, and we’re honored that the country’s leading RIAs are choosing to partner with CI.”
The deal is expected to more than double CI’s assets in the key southern California market and to increase CI’s total US assets to $63bn (C$79 bn).
CI’s continuing acquisition spree in US
The latest deal marks CI’s 18th since it forayed into the US RIA space in last January 2020.
The continuing acquisition spree in the US is part of the Canadian asset manager’s strategy to globalise the firm and expanding its wealth management platform.
As part of this, CI plans to expand its CI Private Wealth brand to its operations in the US.
Latest Deals
Last month, CI agreed to acquire full ownership of the alternative fixed-income investment firm Lawrence Park Asset Management, in which it had a minority stake.
In March this year, the firm brokered a deal to purchase American RIA Brightworth, which oversees around $4.7bn in assets.
In the same month, CI signed an agreement to access specialised services provided by Emigrant Bank’s subsidiaries for ultra-high-net-worth investors.
