CI Financial Corp. (TSX: CIX; NYSE: CIXX), a dual-listed investment and wealth management company based in Canada, has agreed to purchase Radnor Financial Advisors, an independent, fee-only wealth management firm with approximately $2.6 billion in client assets that serves primarily high-net-worth families in the Greater Philadelphia region.
This and one other recently announced transaction are expected to increase CI Financial’s U.S. assets to approximately $68 billion.
Founded in 1989, Radnor has primarily catered to high-net-worth individuals and families and established a niche in serving senior corporate executives. Additionally, the firm has built a team that includes a comprehensive accounting and income tax division, and fiduciary income tax-return preparation services.
Emigrant Partners LLC/Fiduciary Network LLC supported the transaction and agreed to sell its minority interest in Radnor.
The acquisition marks CI’s 19th in the U.S. (including acquisitions by CI-affiliated RIAs) since January 2020, making it one of the country’s fastest-growing wealth management platforms. Following the completion of all outstanding transactions, the firm’s total assets are expected to reach $247 billion.
This transaction is expected to close in the third quarter of 2021. Financial terms were not disclosed.
CI Financial offers, which offering global asset management and wealth management advisory services, managed and advised on approximately $239 billion in client assets as of May 31, 2021. The firm’s U.S. wealth management businesses consist of Barrett Asset Management LLC, BDF LLC, Bowling Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC, Congress Wealth Management LLC, Doyle Wealth Management LLC, One Capital Management LLC, The Roosevelt Investment Group LLC, RGT Wealth Advisors LLC, Segall, Bryant & Hamill LLC, Stavis & Cohen Private Wealth LLC, and Surevest LLC.