CI Financial Corp. announced on Wednesday it has entered into an agreement to acquire 100% of the Roosevelt Investment Group, Inc., a New York–based registered investment advisor (RIA) with US$2.7 billion in assets.
“We are excited to enter the New York market and thrilled to partner with Roosevelt, a firm whose deep roots in the region trace back to the family of President Theodore Roosevelt,” CI CEO Kurt MacAlpine said in a statement.
Roosevelt provides financial planning and wealth management services to high-net-worth families in the greater New York area. Terms of the transaction, which is expected to close by year-end, were not disclosed.
Last week, CI announced it was acquiring Florida-based Doyle Wealth Management Inc. CI also applied for a listing on the New York Stock Exchange.
Roosevelt is the ninth RIA acquired by CI since February. Through three further RIA acquisitions by CI affiliates, CI will hold interests in 12 RIAs with combined assets of approximately US$16.5 billion when all outstanding transactions close.
Upon close of all pending transactions, CI’s North American wealth management business will have approximately $83 billion (US$63 billion) in assets.