CI Financial Corp. agreed to acquire New York-based registered investment adviser Barrett Asset Management.
Terms of the deal, which is expected to close in the second quarter, were not disclosed.
Once the transaction closes, Barrett's $2.5 billion in assets under management will bring CI's U.S. assets to $50 billion and total AUM to $212 billion.
"Since 1937, Barrett has been delivering superior service to its clientele, which includes families, trusts and charitable organizations," said Kurt MacAlpine, CEO of CI in a news release. "We place immense value on their team approach to client service and focus on multigenerational planning, and CI's backing will allow them to continue to enhance their multifamily office services and capabilities."
The deal is part of Toronto-based CI's goal to expand its presence in the U.S. and globally "by teaming with strong U.S. wealth management businesses with committed management teams, aligned cultures and a shared vision for the future of the industry," the release said.
The acquisition follows news in January that CI agreed to acquire Segall Bryant & Hamill. In November, CI said it was acquiring a majority ownership stake in RGT Wealth Advisors.
