CI Financial buys US$7.5-billion RIA in Chicago

CI Financial Corp. has acquired Chicago-based Gofen and Glossberg, LLC, a registered investment advisor (RIA) firm with US$7.5 billion in assets, the firm announced Wednesday.

The deal represents CI’s third acquisition of a Chicago-based RIA. When this and other recently announced transactions close, CI’s assets in its U.S. wealth management business are expected to reach approximately US$95 billion, or $121 billion.

Established in 1932, Gofen offers customized investment and planning services for primarily high-net-worth families.

“Gofen’s committed team, tenured client relationships and attention to customization highlight their desire to go above and beyond,” said Kurt MacAlpine, CEO of CI, in a release. “This is exactly the type of firm CI looks to add to its growing CI Private Wealth group.”

Said Peter Kupferberg, a principal at Gofen, in the release: “As a firm with a history of 90 years, the decision to join with CI was not taken lightly. However, we could not be more confident in this partnership, given the shared cultural and strategic vision of our firms.”

The deal for Gofen is expected to close later this quarter, and financial terms of the deal weren’t disclosed.

In October, CI Financial announced that RGT Wealth Advisors, LLC, a Texas-based subsidiary, had acquired Odyssey Wealth Management, LLC, another Dallas-area RIA that had US$200 million in assets.

CI Financial also announced that it had acquired McCutchen Group LLC, a Seattle-based RIA that manages US$3.4 billion.

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.