CI acquires US$5.1B San Diego-based RIA

Toronto-based CI Financial is acquiring Dowling & Yahnke, LLC (D&Y), a San Diego-based registered investment advisor (RIA) with approximately US$5.1 billion in assets, the firm announced Monday.

The deal for D&Y, CI Financial’s second-largest RIA acquisition to date, will give CI a total of approximately US$63 billion in assets in the U.S. It represents the firm’s 18th RIA acquisition, including acquisitions made by CI-affiliated RIAs, since January 2020.

D&Y, which was founded in 1991 and does business as Dowling & Yahnke Wealth Advisors, provides comprehensive investment management and financial planning services to over 1,300 clients, primarily individuals, families and non-profit organizations.

“[D&Y CEO] Dale Yahnke and his team have built an exceptional business distinguished by their dedication to clients, deep expertise in holistic wealth planning, and an enduring reputation for excellence,” said Kurt MacAlpine, CEO of CI, in a release.

Said Yahnke: “We are impressed by CI’s depth of experience in wealth management as well as the caliber of the firms they are assembling to create a premier, national wealth management organization. Being part of CI ensures enhanced support and services for our clients, continued growth for our firm, and new opportunities for our employees.”

CI’s U.S. expansion reflects its strategic priorities of globalizing and expanding its wealth management platform, the firm indicated in the release. In January, CI acquired Chicago-based Segall Bryant & Hamill (SBH). With US$23.1 billion in assets, SBH is CI’s largest RIA acquisition so far.

The D&Y transaction is expected to close later this quarter, subject to regulatory, stock exchange and other customary closing conditions. Financial terms were not disclosed.

Rudy Mezzetta

Rudy is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on tax, estate planning, industry news and more since 2005. Reach him at rudy@newcom.ca.