CI Financial, which is accelerating its expansion in the US, has agreed to acquire a majority holding in US-based registered investment advisor (RIA) Bluestein, which oversees $4.1bn in assets.
This transaction, whose financial terms have not been revealed, is expected to close later this quarter.
Go deeper with GlobalData
Bluestein is a private client firm that offers tailored wealth management services to services to individuals, trusts, and multigenerational families.
It has a presence in Birmingham, Michigan, and New York.
The deal will help CI bolster its presence in the Midwest, where it currently manages approximately $35bn from offices in Chicago, Cincinnati, and Ohio.
Commenting on the deal, CI Financial CEO Kurt MacAlpine said: “We see tremendous opportunity in joining with Bluestein.
“Their focus is on delivering a world-class client experience with customized risk management and an unparalleled commitment to clients at its core.
“Bluestein exemplifies the quality, expertise, and professionalism of the firms within CI Private Wealth and advances our goal of building the leading private wealth platform in the US.”
Bluestein president Robert Bluestein added: “We are impressed with the business that CI has developed in the US and the high caliber of the people and companies in the group.
“We believe this partnership provides a unique platform upon which we can continue to deliver a positive client experience for years to come.”
According to CI, the assets in its US wealth management business are expected to be around $87.5bn (C$111bn) following the close of this and other recently announced deals.
The firm’s total assets globally would reach $264bn (C$334bn).
Last month, the Canadian wealth manager signed an agreement to purchase Seattle-based wealth management firm McCutchen Group.
