Toronto-based CI Financial is set to acquire majority interest in its 10th firm, RGT Wealth Advisors, a Dallas-based registered investment advisor with $4.7 billion in client assets.
Completion of the transaction—the largest it has made to date—would up CI Financial’s aggregated assets in the United States to $21 billion and give it a leading presence in the Texas market.
“RGT is a growing firm with an exceptional team, strong leadership and well-developed expertise attuned to the needs of their clients,” CI Financial CEO Kurt MacAlpine said.
The 35-year-old RGT has been headed by CEO Mark Griege for the past 17 years. Griege sees CI Financial as a means to better investment options, family office services and technology.
“We’re very excited about this strategic transaction with CI, and what it means for our clients, our employees and our firm as we secure the long-term future of our business,” Griege said.
Ci Financial is using the U.S. RIA market to carry out its plans to globalize. Its North American (U.S. and Canada) assets will climb to $68 billion with RGT, while its total assets are set to reach $164 billion.
MacAlpine said there is no hard deadline or set number of deals CI is aiming for. The Canadian’s firm rapid expansion into the U.S. is a result of finding the firms that fit its culture and having cash ready to deploy, he added.
“I feel the market is ripe with opportunities to find firms that strategically align with our culture, have a strong management team in place and are fairly valued,” said MacAlpine.