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Toronto-based CI Financial Corp. announced it has become a majority shareholder in Surevest Wealth Management on Tuesday. 

Surevest, a Phoenix-based registered investment advisory (RIA) firm, specializes in serving high net-worth people by providing a range of fee-only financial planning and investment management services, CI said in a release. 

The transaction marks the first step in CI’s plan to grow its presence in the U.S. RIA market. As part of the initiative, CI has signed a letter of intent to acquire a second U.S-based RIA firm. 

“The U.S. has the world’s largest and most accessible wealth management market and RIAs are its fastest-growing segment,” said Kurt MacAlpine, chief executive officer of CI.

The transaction continues CI’s acquisition strategy. Earlier this month, CI acquired WisdomTree Asset Management Canada Inc., the investment fund manager of New York-based WisdomTree Investments Inc. In October, CI subsidiary WealthBar acquired financial planning software provider Snap Projections.

Details of the Surevest transaction were not disclosed.