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CI Financial Sub-Acquires $2.4B AUM Pinnacle Advisory Group

CI Financial’s affiliate Congress Wealth Management's AUM balloons to $5.8 billion.

CI Financial’s sub-acquisitions are helping to supersize the RIA acquirer. The firm's Congress Wealth Management has acquired Pinnacle Advisory Group, according to an announcement. 

The acquisition brings $2.4 billion in assets under management to Boston-based Congress, raising its AUM by 70% to $5.8 billion. Parent company CI Financial, based in Canada, now stands at $58 billion in AUM with direct investments in 13 registered investment advisory firms, according to Monday's announcement.

Pinnacle, the former home of industry commentator Michael Kitces, includes branches in Columbia, Md., where it is headquartered, and Miami. Paul Lonergan, president of Congress, said in a statement the six investment professionals and 15 financial planning advisors at Pinnacle are an “impressive group” that will widen the range of investment products and strategies.

Pinnacle was founded in 1993 by CEO John Hill, managing partner Dwight Mikulis and chairman of the investment committee Ken Solow. Within the past 28 years, the Mid-Atlantic firm has accumulated over 1,200 families that have an average account size of $1 million investable assets or more behind its $2.4 billion in AUM. Thirteen advisors are based in the Maryland office while three are in its Miami branch.

CI Financial acquired Congress in 2020, just after Congress acquired Domus Capital Group, an RIA focused on family offices in Avila Beach, Calif.

“[Congress Wealth Management has] been an exceptional addition to our group and has more than doubled Congress Wealth’s assets since we made our investment last year. The addition of Pinnacle is the latest step in the firm’s continued growth and development,” said Kurt MacAlpine, CEO of CI.

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