Toronto-based CI Financial Corp. is acquiring a “strategic interest” in Boston-based registered investment advisor (RIA) Congress Wealth Management, LLC.
The deal, which is expected to close in the third quarter, is the latest in a string of investments CI has made in the U.S. RIA space. Terms were not disclosed.
Within the past seven months, CI has acquired majority stakes in Phoenix-based Surevest Wealth Management and California-based One Capital Management, LLC, as well as a strategic interest in Arkansas-based The Cabana Group, LLC.
In a Tuesday release, CI CEO Kurt MacAlpine said the RIA sector is the “fastest-growing segment in U.S. wealth management.”
“This investment also allows us to provide our Canadian clients with cross-border wealth services, another benefit of our RIA strategy,” MacAlpine said.
Congress, which has US$2.3 billion in assets under administration, offers wealth management and family office services to high net-worth individuals, families, foundations and endowments.
The four RIAs in which CI will now hold stakes have a total of US$6.6 billion in assets under administration.
Also on Tuesday, CI launched three private pools that invest in real assets.
The CI Global Infrastructure Private Pool, the CI Global REIT Private Pool and the CI Global Real Asset Private Pool are available in mutual fund and ETF versions.
Managed by CI’s Signature Global Asset Management, the pools invest in REITs and equity securities of companies involved in the infrastructure and/or real estate sectors.
The ETFs are now trading on the Toronto Stock Exchange.