Canadian wealth manager CI Financial has agreed to purchase Balasa Dinverno Foltz (BDF), a private wealth management business headquartered in Itasca, Illinois, for an undisclosed sum.

The acquisition adds $4.5bn in assets to CI’s books, increasing the firm’s assets to nearly $11bn.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

It represents CI’s largest RIA acquisition and its fifth direct RIA takeover.

CI also has stakes in US RIAs One Capital Management, Cabana Asset Management, Surevest Wealth Management, and Congress Wealth Management.

Last month, CI inked an agreement to buy Thousand Oaks Financial.

CI CEO Kurt MacAlpine said: “BDF is an exceptional company and gives us a solid presence in the Midwest and the affluent Chicago market. This acquisition provides us additional scale in wealth management to realise synergies and introduce enhancements such as broader investment choices and wealth planning support.

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.

“An important step will be the introduction of the CI Private Wealth brand in both Canada and the United States to represent our high-net-worth and ultra-high-net-worth advisory businesses.”

Set up in 2001, BDF serves individuals and families, business owners and institutions as well as non- profit organisations.

It has offices across the Chicago region and employee strength of 62.

Upon deal completion in the third quarter of 2020, BDF wealth manager and director of research Chad Carlson will assume the role of president and Co-CIO.

The deal currently awaits regulatory nod.

BDF president and co-founder Armond Dinverno said: “Backed by CI’s financial strength, expertise in all aspects of asset and wealth management, and vision for a national wealth business, BDF is ready to begin our next phase of growth.”