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CI Financial Corp. is establishing a U.S. headquarters in Miami to oversee its continued push into the U.S wealth management business, the Toronto-based firm announced Wednesday.

Establishing a U.S. headquarters in Miami “serves as the next logical step for [CI’s] expansion plans as we work to build the leading high-net-worth wealth management platform in the country,” said Kurt MacAlpine, CEO of CI Financial in a release.

“In addition, Miami is a vibrant, multicultural city that offers a deep talent pool, an attractive location for recruiting and a very business-friendly environment.”

Over the last 19 months, CI has acquired or has made deals to acquire 21 registered investment advisor (RIA) firms in the U.S. On Tuesday, CI Financial announced it had acquired Menlo Park, Calif.-based Portola Partners, a wealth management firm with US$5.2 billion in assets under management. Following the completion of all outstanding deals, CI’s U.S. wealth management assets are expected to reach approximately $103 billion (US$82 billion).

CI’s Miami office will be home to the firm’s U.S. operations and the primary location for the its U.S. leadership team. CI’s executive officers will divide their time between the Miami and Toronto offices.

CI did not provide an expected move-in date.

In the release, CI indicated it expected to expand its presence in Miami over time as the firm continues to grow its U.S. business.