CI Financial Corp. (TSX: CIX; NYSE: CIXX), a dual-listed investment and wealth management company based in Canada, has agreed to purchase Brightworth LLC, an Atlanta-based registered investment advisor with approximately $4.7 billion in assets.
Brightworth provides comprehensive investment advisory and financial planning services to high-net-worth individuals, families, business owners, trusts, estates, charitable organizations, pension and profit-sharing plans from offices in Atlanta and Charlotte, North Carolina.
The firm includes specialized practices focused on corporate professionals and executives, dental industry professionals, and business owners through its business exit and transition services group.
Supporting the transaction was Emigrant Partners LLC/Fiduciary Network LLC, which agreed to sell its minority interest in Brightworth to CI Financial.
This transaction is CI Financial’s 16th since it entered the U.S. RIA market in January 2020. Once this and other outstanding transactions are completed, the firm’s U.S. network will have offices in 15 states and a total of approximately $55 billion in assets – boosting total assets globally to approximately $216 billion.
The transaction is expected to close in the second quarter of 2021. Financial terms were not disclosed.
CI’s U.S. wealth management businesses consist of BDF LLC, Bowling Portfolio Management 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, Stavis & Cohen Private Wealth LLC and Surevest LLC.