CI Financial, one of Canada’s largest asset management and wealth management firms, has acquired Balasa Dinverno Foltz, an Itasca, Ill.-based registered investment advisor with about $4.5 billion in client assets, its largest RIA transaction to date.
This is CI Financial’s fifth RIA transaction in the U.S. and brings its wealth management business to about $11 billion in client assets.
The firm also has ownership stakes in The Cabana Group of Fayetteville, Ark.; Boston-based Congress Wealth Management; One Capital Management of Westlake Village, Calif.; and. Surevest in Phoenix.
"The RIA sector is the fastest-growing segment in U.S. wealth management and the RIA model is a strong fit with our own approach to wealth management, which emphasizes the central role of the advisor and the importance of a holistic approach to wealth planning," said Kurt MacAlpine, CI CEO, in a statement.
In this latest deal, CI Financial will take full ownership of Balasa Dinverno Foltz, which employs 62 people throughout the Chicago area. The firm provides customized wealth management to individuals, families, business owners, nonprofit organizations and institutions.
"The purchase of BDF, a large and incredibly well-run RIA, significantly accelerates the growth and development of our U.S. wealth business," said MacAlpine, in a statement. "BDF, with its client-centric approach, scale and experienced leadership, will be a strong foundation for continued expansion."
When the deal closes, Chad Carlson, BDF's wealth manager and director of research, will be appointed president and co-chief investment officer of BDF.
"This acquisition provides us additional scale in wealth management to realize synergies and introduce enhancements such as broader investment choices and wealth planning support,” said MacAlpine. “An important step will be the introduction of the CI Private Wealth brand in both Canada and the United States to represent our high-net-worth and ultra-high-net-worth advisory businesses."
