Toronto-based CI Financial Corp. is set to acquire full ownership of Balasa Dinverno Foltz LLC (BDF), a registered investment advisor (RIA) based in Itasca, Ill.

The deal, expected to close in the third quarter, will bring CI’s U.S. wealth management business to approximately US$11 billion in assets under management (AUM). BDF has US$4.5 billion in AUM.

Formed in 2001, BDF has practice groups that specialize in serving women, widows, business owners, insurance brokers and agency owners, lawyers, financial professionals and divorcing individuals, according to a release.

CI will now hold ownership stakes in five RIAs. The firm also has interests in the Cabana Group, Congress Wealth Management, One Capital Management and Surevest Wealth Management.

“The purchase of BDF, a large and incredibly well-run RIA, significantly accelerates the growth and development of our U.S. wealth business,” CI CEO Kurt MacAlpine said in a statement.

At the end of July, CI announced its acquisition of Thousand Oaks Financial Corp., an RIA firm in California.