CI Financial announced that it will acquire a majority ownership stake in RGT Wealth Advisors for an undisclosed cash payment and CI Financial shares, a news release said Tuesday.
Terms of the deal, which is expected to be completed in the fourth quarter, are not being disclosed, CI Financial spokesman Murray Oxby said.
Toronto-based CI Financial "strategically entered the U.S. wealth management industry earlier this year and has become one of the industry's fastest-growing RIA platforms," the news release said.
RGT, a Dallas-based registered investment adviser managing $4.7 billion in assets for wealthy individuals, is the 13th U.S. RIA that CI Financial has or will acquire a stake in this year.
"RGT is one of the leading RIA firms in the U.S., and we are excited and honored that they will be joining CI Financial," said Kurt MacAlpine, CEO of CI Financial, in the release, adding, "RGT also provides CI with a leading presence in the important and fast-growing Texas market, one of the country's largest regional economies."
CI Financial said in the release that with the addition of RGT, the firm's U.S. wealth management assets will total about $21 billion, boosting the firm's North American wealth assets to $68 billion and total assets under management to about $164 billion.
CI Financial's total AUM as of Oct. 31 was $152 billion.
