CI takes majority stake in Dallas-based RIA

CI Financial Corp. is acquiring a majority interest in Dallas-based RGT Wealth Advisors, a registered investment advisor (RIA) with approximately US$4.7 billion in wealth management assets, for consideration in cash and shares of CI.

The deal is CI’s largest U.S. acquisition by assets to date, its 10th direct acquisition of a U.S. RIA this year and its 13th overall when including acquisitions by CI-affiliated RIAs. When pending transactions close, CI is expected to hold U.S. wealth assets of approximately US$21 billion.

Founded in 1985, RGT is a fully integrated investment and wealth manager offering financial planning services to high-net-worth individuals and family office services in Texas and across the U.S. The firm specializes in serving corporate executives, business owners, multi-generational families and current and retired professional athletes.

“[RGT] is a growing firm with an exceptional team, strong leadership and well-developed expertise attuned to the needs of their clients,” said Kurt MacAlpine, CEO of CI, in a release.

“RGT also provides CI with a leading presence in the important and fast-growing Texas market, one of the country’s largest regional economies with its major drivers being growth sectors such as financial services, energy, technology, telecommunications and life sciences.”

The transaction for RGT is expected to close in the fourth quarter of 2020 and is subject to regulatory approval. Financial terms of the transaction were not disclosed.

CI’s spate of recent U.S. RIA acquisitions are part of its broader strategy to globalize the firm and expand its wealth management platform.

CI has also announced recent deals for New York–based Roosevelt Investment Group, Inc., Florida-based Doyle Wealth Management Inc., and Houston-based Stavis & Cohen Financial LLC, in which it took a majority interest.

CI began trading on the the New York Stock Exchange on Nov. 17.

Rudy Mezzetta

Rudy is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on tax, estate planning, industry news and more since 2005. Reach him at rudy@newcom.ca.