CI Financial has closed the acquisition of Balasa Dinverno Foltz (BDF), an Itasca, Illinois-based private wealth management firm with $4.5bn in assets, for an undisclosed amount.
The acquisition of BDF is expected to increase US wealth management assets of CI reach around $11bn and strengthens its presence in the Chicago region.
The transaction was initially announced on 4 August 2020, and marks the fifth direct acquisition of a registered investment advisor (RIA) firm for CI in 2020, and the largest RIA purchase till date.
CI chief executive officer Kurt MacAlpine said: “BDF is a thriving, high-quality firm and we’re excited to welcome the team to CI. Adding a firm of BDF’s size and excellence significantly accelerates our U.S. wealth strategy.
“As we add scale to the business, we can realize synergies and provide service enhancements across our network, such as deeper wealth planning support and a wider choice of effective investment solutions.
“Furthermore, we will be introducing the CI Private Wealth brand in the United States and Canada to represent our high-net-worth and ultra-high-net-worth advisory businesses and support our unique value proposition.”
BDF offers wealth management services to individuals and families and organisations
Established in 2001, BDF is focused on needs of women, widows, business owners, insurance brokers and agency owners, lawyers, financial professionals, and divorcing individuals.
With a team of 62 people, the company provides customised wealth management services to individuals and families, business owners and institutions and non-profit organizations.
CI has been expanding its operations in the US, from earlier this year, supporting its newly adopted priorities of globalisation and expanding wealth management platform.
The company also holds ownership stake in the RIAs including the Cabana Group, in Fayetteville, Arkansas, Congress Wealth Management in Boston, Massachusetts, One Capital Management in Westlake Village, California, and Surevest in Phoenix, Arizona.
With the completion of the transaction, Chad Carlson has been named president and co-chief investment officer of BDF.
Carlson said: “CI is pursuing a compelling strategy of building a national wealth management company and we’re thrilled to play a key role. We share a client-centered, comprehensive approach to wealth management that helps our clients live full lives. As part of CI, we look forward to continuing to enhance our service offering and growing the firm.”
