Mergers & Acquisitions

CI Financial Acquires NY RIA Roosevelt Investments

Agreement, valued at $2.7 billion, strengthens its imprint in the high-net-worth market

November 11, 2020 — TORONTO–(BUSINESS WIRE)–CI Financial Corp. (“CI”) (TSX: CIX) and The Roosevelt Investment Group, Inc. (“Roosevelt”) today announced an agreement under which CI will acquire 100% of Roosevelt, a New York-based registered investment advisor that specializes in providing financial planning and wealth management services to high-net-worth families in the greater New York area.

This acquisition marks CI’s 12th registered investment advisor (“RIA”) transaction since February 2020 and continues its rapid expansion in the U.S. wealth management industry. This announcement comes on the heels of two RIA acquisitions announced last week, showcasing the firm’s commitment to grow substantially in the U.S. Once completed, the addition of Roosevelt, with US$2.7 billion in assets, and other pending acquisitions, will boost CI’s U.S. wealth assets to approximately US$16.5 billion.

Roosevelt has a proud history of servicing the wealth management needs of high-net-worth individuals and families for more than four decades. The firm, led by Co-Chief Executive Officers Adam Sheer and David Sheer, also makes its bespoke investment capabilities available on leading investment platforms across the country. The acquisition of Roosevelt expands CI’s reach to New York, the largest financial market in the world.

Excited To Enter New York Market

“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 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.”

“CI’s expertise in asset and wealth management puts them in a unique position to understand our firm’s DNA and how we differentiate ourselves,” said Adam Sheer. “In addition, CI’s commitment to proactively reinvesting to serve and support the needs of multi-generational client families makes them an ideal partner for our firm and our clients.”

CI has become one of the industry’s fastest-growing RIA platforms in the U.S., with nine previous direct acquisitions and three made through CI’s RIA affiliates.

CI’s expertise in asset and wealth management puts them in a unique position to understand our firm’s DNA and how we differentiate ourselves...

In addition to the Roosevelt acquisition, CI recently announced agreements to acquire 100% of 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 (“Bowling”) of Cincinnati, Ohio. All of these transactions are expected to close prior to year-end, subject to customary closing conditions including regulatory approval.

CI also holds interests in:

  • Balasa Dinverno Foltz, LLC (Itasca, Illinois)
  • The Cabana Group, LLC (Fayetteville, Arkansas)
  • Congress Wealth Management, LLC (Boston)
  • One Capital Management, LLC (Westlake Village, California)
  • Surevest Private Wealth, LLC (Phoenix).

CI’s move into the U.S. RIA sector reflects its strategic priorities of globalizing the firm and expanding its wealth management platform. CI’s U.S. business complements its leadership in the Canadian wealth management market, where its businesses include Assante Wealth Management, CI Private Counsel LP and Aligned Capital Partners Inc. As part of its strategy, CI will extend the CI Private Wealth brand, which was recently introduced in Canada to represent its high-net-worth and ultra-high-net-worth advisory businesses, to the United States.

Following the close of all pending transactions, CI’s North American wealth management business will have approximately $83 billion (US$63 billion) in assets, an all-time high. CI’s total asset and wealth management assets will reach a record $209 billion (US$157 billion). (Totals based on asset levels as of October 31, 2020.)

 

 

 

About CI Financial
CI Financial Corp. (TSX: CIX) is an independent company offering global asset management and wealth management advisory services. CI’s primary asset management businesses are CI Global Asset Management and GSFM Pty Ltd., and it operates in wealth management through Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.), CI Investment Services Inc., Balasa Dinverno Foltz LLC, The Cabana Group, LLC, Congress Wealth Management, One Capital Management, LLC, and Surevest LLC. Further information is available at www.cifinancial.com.
All financial amounts in Canadian dollars unless otherwise stated. CI Global Asset Management is a registered business name of CI Investments Inc.

 

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