CI acquires Florida-based RIA

Toronto-based CI Financial Corp. announced on Thursday it is acquiring 100% of Doyle Wealth Management Inc. (DWM), a registered investment advisory firm (RIA) based in St. Petersburg, Fla.

DWM, which provides wealth management services to high net-worth individuals and tax preparation services for select clients, manages approximately US$1.1. billion in assets, according to a release.

“There is significant potential for DWM’s continued growth in the Tampa Bay area — one of the fastest-growing large urban areas in the U.S. — and throughout Florida, both in wealth planning and in tax preparation services,” CI CEO Kurt MacAlpine said in a release. “Additionally, the region’s popularity with Canadian snowbirds offers tremendous opportunities for CI and Doyle to offer cross-border services to Canadian clients.”

Robert Doyle and Jillian Doyle, who co-founded DWM in 2005, will continue to lead the business following the close of the transaction in their respective positions of president and chief investment officer, and chief financial officer.

Terms of the transaction, which is expected to close by yearend, were not disclosed.

DWM is the eighth RIA acquired by CI since February. Through three further RIA acquisitions by CI affiliates, CI will hold interests in 11 RIAs with combined assets of approximately US$14 billion when all outstanding transactions close.

CI has also made an application to list its common shares on the New York Stock Exchange (NYSE).

“The timing for this listing makes sense, given the rapid growth in our U.S. wealth management business,” said MacAlpine, who added the listing would “support the continued acquisition of U.S. wealth management firms by allowing us to offer CI Financial stock as part of the purchase price, an attractive option for many sellers.”

CI has filed a registration statement with the United States Securities and Exchange Commission (SEC). The listing of CI common shares will be subject to the approval of the SEC and NYSE, as well as regulatory requirements.

Also on Thursday, the Investment Industry Regulatory Organization of Canada announced that BBS Securities Inc., which was acquired by CI in 2017, has changed its name to CI Investment Services Inc., effective Oct. 19, 2020.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.