CI to acquire majority interest in R.H. Bluestein & Co.

CI Financial Corp. will acquire a majority interest in R.H. Bluestein & Co., a U.S.-based private client firm managing US$4.1-billion.

Bluestein has offices in Birmingham, Mich., a suburb of Detroit, and in New York City. The firm will be CI’s first registered investment advisor (RIA) in Michigan, bolstering CI’s presence in the U.S.midwest, where CI RIAs currently manage about US$35 billion, a release from the firm said.

The transaction, combined with several other recent U.S. acquisitions, will bring the firm’s assets in its U.S. wealth management business to about $111 billion. The firm’s total global assets are expected to reach $334 billion.

“Over the past 30 years, [Bluestein has] done an exceptional job serving the needs of high-net-worth and ultra-high-net-worth families,” CI CEO Kurt MacAlpine said in a press release. “Their focus is on delivering a world-class client experience with customized risk management and an unparalleled commitment to clients at its core.”

According to the release, Bluestein specializes in providing tailored services to individuals, trusts and multi-generational families.

The transaction is expected to close later this quarter, subject to regulatory conditions. Financial terms of the deal weren’t disclosed.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.