CI Financial buys Ohio-based RIA

CI Financial Corp. in Toronto has acquired Bowling Portfolio Management LLC of Cincinnati, Ohio, a registered investment advisory (RIA) firm with US$450 million in assets under management.

The acquisition is CI’s sixth direct RIA transaction in 2020 and ninth overall when including acquisitions made by CI-affiliated RIAs. When pending transactions close, CI will hold interests in U.S. wealth management firms with combined assets of approximately US$11.5 billion (based on figures as of August 31, 2020).

Bowling, founded in 1982, provides customized financial planning and investment management services to high net-worth clients. The firm is led by Kathy Wayner, president, CEO and managing partner; and Darren Kavesh, CIO and managing partner. Following the close of the Bowling transaction, Kavesh will be named president and CEO, and Wayner will remain with the firm in a consulting capacity.

“Bowling has outstanding leadership and a team whose investment expertise and service excellence have earned the loyalty of generations of clients,” said Kurt MacAlpine, CEO of CI, in a release. “The acquisition of Bowling gives us a presence in Cincinnati, a strategically important business hub, and expands our business in the region.”

MacAlpine also noted that combined with the firm’s recent acquisition of Balasa Dinverno Foltz, based in Illinois, CI will be managing approximately US$5 billion of high net-worth assets in the U.S. Midwest.

As reported in July, CI will be introducing the CI Private Wealth brand in Canada and the U.S. to represent its high net-worth and ultra high net-worth advisory businesses.

The Bowling transaction, which is subject to regulatory approval, is scheduled to close later this year. 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.