Toronto-based CI Financial is acquiring Brightworth, LLC, an Atlanta-based registered investment advisor (RIA) with approximately US$4.7 billion, the firm announced Monday.
The deal gives CI Financial approximately US$55 billion in AUM in the U.S. and offices in 15 U.S. states once the transaction and other outstanding deals are completed.
Last week, CI Financial announced an agreement to acquire Barrett Asset Management, LLC, a New York-based registered investment advisor that manages more than US$2.5 billion.
Brightworth provides advisory and financial planning services to high-net-worth individuals, families and institutional clients in Atlanta and Charlotte, NC.
“[Brightworth has] built an exceptional firm based on a comprehensive, multi-generational approach to wealth planning combined with outstanding service,” said CI CEO Kurt MacAlpine in a release. “Additionally, [it has] developed expert teams offering highly tailored services to affluent client segments such as executives, business owners and dentists.”
Said Ray Padrón, Brightworth CEO in the release: “We look forward to joining CI’s dynamic network of firms to help build a leading integrated private wealth platform that will influence the future direction of wealth management in North America and globally.”
The transaction is expected to close in the second quarter of 2021, subject to regulatory, stock exchange and other customary closing conditions. Financial terms were not disclosed.