Toronto-based CI Financial Corp. announced on Monday that it has reached an agreement to become a majority shareholder in One Capital Management, LLC.
One Capital, a California-based registered investment advisor (RIA), specializes in wealth planning with a focus on family office services and the needs of professional athletes and entertainers, CI said in a release.
The transaction is CI’s second acquisition of an RIA in the past month and is part of CI’s plan to grow its presence in the U.S. RIA market. CI agreed to acquire a majority interest in Phoenix-based Surevest Wealth Management in November.
“I firmly believe that the role of the financial advisor is more important today than ever before, given the changes in pension systems, combined with extended longevity and increasing complexity throughout retirement,” Kurt MacAlpine, chief executive officer of CI, said in a release. “Our acquisition of One Capital expands and strengthens our wealth management platform and helps to globalize our company.”
The transaction is set to close in the first quarter of 2020.