CI Financial continues its acquisition spree with its agreement to purchase Brightworth, an Atlanta-based registered investment adviser with about $4.7 billion in assets under management.
Terms of the deal, which is expected to close in the second quarter, were not disclosed.
Brightworth will retain all employees and continue to operate as normal, a CI spokeswoman confirmed in an email. In addition to increasing CI's capacity and AUM, the acquisition broadens the firm's presence into Atlanta and Charlotte, N.C.
This acquisition marks the 16th that Toronto-based CI has made since entering the U.S. RIA market in January 2020. Once the deal closes, CI will have offices in 15 states and roughly $55 billion in U.S. assets under management, bringing its global AUM to $216 billion.
The firm announced March 11 that it had agreed to buy New York-based registered investment adviser Barrett Asset Management. In January, CI announced plans to purchase Segall Bryant & Hamill. In November, CI said it was buying a majority ownership stake in RGT Wealth Advisors.
CI plans to continue acquiring U.S. RIA firms in the future, the spokeswoman confirmed.
Hogan Lovells U.S. advised CI Financial in the transaction, while Raymond James Financial and Alston & Bird advised Brightworth.
