CI Financial Corp. has acquired McCutchen Group LLC, a Seattle-based registered investment adviser (RIA) firm that manages US$3.4 billion for ultra-high-net-worth (UHNW) clients across the U.S.

Founded in 2007, McCutchen Group provides financial advisory services ranging from investment management to tax, charitable and estate planning, as well as family office services.

“McCutchen Group further enhances our presence and expertise in [the UHNW] space, which is critical to CI Private Wealth becoming the leading wealth management platform in the U.S. for HNW and UHNW individuals and families,” said Kurt MacAlpine, CEO of CI Financial, in a statement.

“In addition, McCutchen Group is CI’s first office in the Pacific Northwest and provides a solid foundation for continued growth in that region.”

Matt McCutchen, founder and CEO of McCutchen Group, said: “Working with CI will allow us to expand and enhance the services we offer our clients while preserving the advisory model that our clients value.”

The transaction for McCutcheon Group is expected to boost CI Financial’s U.S. wealth management assets to approximately $106 billion (US$83 billion). Terms of the deal were not disclosed.

Last month, CI Financial announced a deal for Menlo Park, Calif.–based Portola Partners, a Silicon Valley wealth management firm that manages US$5.2 billion for executives, tech company founders and UHNW clients.

CI also announced last month plans to establish a U.S. headquarters in Miami to oversee its continued push into the U.S. wealth management business.