The acquisition marks the 11th registered investment advisor (RIA) transaction for CI Financial since its entry into the market in February 2020
CI Financial has agreed to fully acquire Doyle Wealth Management (DWM), a registered investment advisor in Florida with assets valuing around $1.1bn, for an undisclosed amount.
The investment management firm said that the acquisition is its 11th registered investment advisor (RIA) transaction since it entered the market in February 2020, and underlines its growth in US wealth management.
DWM is engaged in providing broad range of wealth management services, including complete financial planning and tailored investment portfolios to high-net-worth individuals. The licensed CPA firm also provides tax preparation services to select clients.
DWM president and chief investment officer Doyle said: “We’re thrilled to have the backing of a company like CI, with its deep expertise in both asset and wealth management and long-term commitment to the wealth business and to our firm.
“This partnership will allow us to expand the depth of our service offering and improve all aspects of our operations, leading to an enhanced experience for our clients. Joining with CI will advance the development of our firm, benefiting our clients and providing new opportunities for our employees.”
DWM acquisition to boost CI’s US wealth assets to over $14bn
The acquisition of DWM is expected to be completed by the end of this year, subject to customary closing conditions, including regulatory approval.
DWM co-founders Robert Doyle and Jillian Doyle will continue to lead the business after the closing of the transaction.
With acquisition of DWM along with other pending transactions, CI is expected to increase its wealth assets in the US to more than $14bn.
CI has recently reached agreements to acquire Cincinnati, Ohio-based Bowling Portfolio Management, and a majority interest in Houston, Texas-based Stavis & Cohen Financial, which are expected to be closed close before the end of this year.
Once all the pending transactions are closed, CI’s North American wealth management business will have around assets valuing $80bn, and the total asset and wealth management assets will increase to $205bn.