CI Financial to Acquire $5.1 Billion RIA, Its Second Largest to Date
CI Financial Corp. (TSX: CIX; NYSE: CIXX), a dual-listed investment and wealth management company based in Canada, has agreed to purchase Dowling & Yahnke LLC.
CI Financial Corp. (TSX: CIX; NYSE: CIXX), a dual-listed investment and wealth management company based in Canada, has agreed to purchase Dowling & Yahnke LLC, a San Diego-based registered investment advisor with $5.1 billion in assets.
The transaction is slated to close later this quarter and is expected to increase CI Financial’s total U.S. assets to $63 billion and more than double its assets in the Southern California market. Financial terms were not disclosed.
Dowling & Yahnke, which does business as Dowling & Yahnke Wealth Advisors, was founded in 1991 and provides comprehensive investment management and financial planning services to more than 1,300 clients, primarily individuals, families, and non-profit organizations.
“Dowling & Yahnke is one of the top RIAs in the U.S. and we’re thrilled to welcome the team to CI,” said Kurt MacAlpine, chief executive officer of CI Financial. “Dale Yahnke and his team have built an exceptional business distinguished by their dedication to clients, deep expertise in holistic wealth planning, and an enduring reputation for excellence.”
Dowling & Yahnke is CI Financial’s second-largest RIA acquisition to date.
CI Financial entered the U.S. RIA sector in January 2020, and this transaction represents its 18th RIA acquisition (including acquisitions by CI-affiliated RIAs). It is expected to increase CI’s total assets under management and wealth management assets globally to approximately $230 billion.
