CI Financial announced in August that it was taking full ownership of Balasa Dinverno Foltz, an Itasca, Ill., registered investment advisor managing $4.5 billion assets under management. The Toronto-based firm confirmed the close of the acquisition this week.
“Adding a firm of BDF's size and excellence significantly accelerates our U.S. wealth strategy. As we add scale to the business, we can realize synergies and provide service enhancements across our network, such as deeper wealth planning support and a wider choice of effective investment solutions," CI Financial CEO Kurt MacAlpine said.
Chad Carlson, BDF’s director of research and wealth manager, will now serve as the president and co-chief investment officer.
BDF is CI Financial’s fifth acquisition. The firm recently took stakes in The Cabana Group in Fayetteville, Ark., Congress Wealth Management in Boston, One Capital Management in Westlake Village, Calif., and Surevest in Phoenix.
CI Financial manages $143 billion in fee-earning assets, as of Aug. 31. Its U.S. assets have soared to $11 billion since entering the U.S. wealth management market late last year.