CI Financial has agreed to acquire Dowling & Yahnke, a California firm with $5.6 billion in assets. The transaction will bring the Canadian financial services firm its first San Diego location and double its assets in the Southern California market, according to an announcement.
CI will purchase the firm from its nine principals; six advisors and three executives. C-suite members Dale Yahnke, CEO; Mark Muñoz, COO and William Beamer, CIO are principals along with advisors Alana Asmussen, Michael Brown, Anne Diaz, Brett Pernicano, Gregory Richardson and Mark Wernig.
Dowling & Yahnke provides financial planning and portfolio management to 1,300 clients who are primarily individuals, families, and non-profit organizations.
Mark Dowling and CEO Dale Yahnke started the multi-billion-dollar fee-only firm in 1991. By 1998, the firm had acquired $175 million in assets and began to add more partners. In 2012, WealthManagement.com reported that Dowling & Yahnke had $2 billion and Dowling, 61 at the time, was selling his shares to younger partners as he prepared to exit the firm. He retired in 2015.
In a statement, Kurt MacAlpine, CEO of CI, said this was the second largest acquisition his firm has made, and the sixth RIA with over $5 billion.
In January, CI Financial acquired Segall Bryant & Hamill, a $23 billion in AUM firm, its largest transaction to date. CI expects assets to increase to increase to $63 billion in the U.S. at the close of the transaction.