CI Financial acquired The Roosevelt Investment Group, a registered investment advisor based in New York City. CI Financial is set to acquire Roosevelt at 100% ownership, according to the announcement made Thursday.
“We are excited to enter the New York market and thrilled to partner with Roosevelt, a firm whose deep roots in the region trace back to the family of President Theodore Roosevelt,” CI Financial CEO Kurt MacAlpine said. “Roosevelt has an extensive legacy of serving some of the most prominent families and individuals in New York—and beyond—and we are excited to provide them with the resources needed to continue to grow.”
Roosevelt is CI Financial 12th acquisition and increases the Canadian firm’s U.S. assets to $16.5 billion.
Manhattan-based Roosevelt manages $2.7 billion in client assets, serving high-net-worth families with financial planning and wealth management offerings. The firm is led by co-CEOs Adam Sheer and David Sheer.
“CI’s expertise in asset and wealth management puts them in a unique position to understand our firm’s DNA and how we differentiate ourselves,” said Adam Sheer. “In addition, CI’s commitment to proactively reinvesting to serve and support the needs of multi-generational client families makes them an ideal partner for our firm and our clients.”
By year’s end, CI Financial will complete transactions for 100% ownership of Doyle Wealth Management in Tampa, Fla.; a majority stake in Stavis & Cohen Financial in Houston; and 100% ownership of Bowling Portfolio Management in Cincinnati.