CI Financial Corp. (TSX: CIX; NYSE: CIXX), a dual-listed investment and wealth management company based in Canada, plans to purchase Budros, Ruhlin & Roe, a Columbus, Ohio-based registered investment advisor with 800 clients and $3.4 billion in assets. The transaction is expected to grow CI Financial’s U.S. platform to $74 billion.
Established in 1979, Budros, Ruhlin & Roe provides investment management and financial planning services, primarily for high-net-worth clientele and foundations. The firm also offers retirement plan management for 401(k) and pension plans.
The transaction is expected to close in the fourth quarter of 2021.
Following the completion of all outstanding transactions, CI Financial’s U.S. wealth assets are expected to reach approximately $74 billion, while total assets globally are expected to total $251 billion.
CI Financial managed and advised on approximately $245.2 billion in client assets as of June 30, 2021.