CI Financial Corp. (TSX: CIX), an investment and wealth management company based in Canada, has agreed to purchase The Roosevelt Investment Group Inc., a $2.7 billion registered investment advisor based in New York.
This acquisition marks CI Financial’s 12th RIA transaction since February 2020 and continues its expansion in the U.S. wealth management industry. Once completed, the addition of Roosevelt and other pending acquisitions, will increase its U.S. wealth assets to approximately $16.5 billion.
Roosevelt, led by co-chief executive officers Adam Sheer and David Sheer, provides financial planning and wealth management services to high-net-worth families in the greater New York area.
“We are excited to enter the New York market and thrilled to partner with Roosevelt, a firm whose deep roots in the region trace back to the family of President Theodore Roosevelt,” said Kurt MacAlpine, CI Financial’s chief executive officer. “Roosevelt has an extensive legacy of serving some of the most prominent families and individuals in New York – and beyond – and we are excited to provide them with the resources needed to continue to grow.”
In addition to the Roosevelt acquisition, CI recently announced agreements to acquire Doyle Wealth Management LLC in Tampa, Florida, a majority interest in Stavis & Cohen Financial LLC of Houston, and full ownership of Bowling Portfolio Management LLC of Cincinnati, Ohio. All of these 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 asset and wealth management assets will top $157 billion.
CI Financial recently applied to list its common shares on the New York Stock Exchange, as reported but The DI Wire.
CI Financial Corp. (TSX: CIX) is an independent company offering global asset management and wealth management advisory services.