CI Financial says it has reached an agreement to acquire a Dallas-based RIA, continuing a string of recent U.S. acquisitions.
Canada-based CI’s latest addition is RGT Wealth Advisors, which offers financial planning to high-net-worth individuals and families in Texas and across the country, and oversaw $4.7 billion as of the end of September, CI says. RGT will be CI’s largest U.S. acquisition by assets to date, CI CEO Kurt MacAlpine says in a statement.
The companies didn’t disclose the financial terms of the deal, which is scheduled to close in the fourth quarter of 2020.
“CI will be an exceptional partner, bringing extensive experience and resources which will allow us to enhance our investment options, family office services and technology — ensuring that RGT continues to serve our clients at the highest level for generations to come,” Mark Griege, RGT’s CEO, says in a statement. “Importantly, we will maintain a meaningful ownership stake in our business and continue to build on our 35-year entrepreneurial legacy.”
CI only entered the U.S. market during the first quarter of 2020, but RGT marks its 10th direct U.S. RIA deal and 13th when including deals by CI’s affiliated RIAs, the company says. This month alone, in addition to RGT, CI also announced that it’s acquiring a New York-based RIA managing $2.7 billion as well as a Florida-based RIA overseeing around $1.1 billion, with both scheduled to close before year end as well.
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