CI Financial Corp. (TSX: CIX), a dual-listed investment and wealth management company based in Canada, has completed the acquisition of Bowling Portfolio Management LLC, a Cincinnati-based registered investment advisor with $450 million in assets under management. The company also began trading on the New York Stock Exchange under the ticker symbol CIXX.
The Bowling acquisition represents CI’s ninth finalized RIA transaction this year. Bowling was founded in 1982 and provides financial planning and investment management services to high-net-worth clients. The firm is led by principals Kathy Wayner, president, chief executive officer, and managing partner, and Darren Kavesh, chief investment officer and managing partner.
“Completing the acquisition of Bowling and celebrating our cross-listing on the NYSE on the same day is a truly exciting moment for our firm and partners,” said Kurt MacAlpine, chief executive officer of CI Financial. “As we expand our wealth management presence in North America by acquiring top-tier, well-run firms such as Bowling, we will now also be able to offer U.S. dollar-denominated stock in future acquisitions.”
CI Financial recently agreed to purchase The Roosevelt Investment Group Inc. of New York City, Doyle Wealth Management Inc. of Tampa, Florida; and plans to purchase a majority interest stake in Stavis & Cohen Financial LLC of Houston. The transactions are expected to close prior to year-end.
Following the close of all pending transactions, CI Financial’s North American wealth management business will have approximately $63 billion in assets, while its total assets will reach $157 billion.
CI Financial Corp. (TSX: CIX) is an independent company offering global asset management and wealth management advisory services.