The Toronto serial acquirer adds $ 2.6 billion from study group member Radnor Financial Advisors to the larger haulage of Balasa Dinverno, RGT and Brightworth.
CI Financial Corp. will add an RIA to its roster and has now quietly collected around $ 16.3 billion from members of an elite RIA study group with a name similar to a UK pub.
Toronto-based asset and wealth manager to secure $ 2.6 billion from Radnor Financial Advisors in Wayne, Pa., To bring CI’s U.S. assets to around $ 68 billion and complete a rapid withdrawal of Blind squirrels‘ Heads of State.
Blind Squirrels is one of many growing peer advisory groups that RIAs can turn to for advice on a range of issues involving the inner workings of the business.
CI previously acquired its “Squirrel” counterparts Balasa Dinverno Foltz, RGT Wealth and Brightworth, who added $ 4.5 billion, $ 4.7 billion and $ 4.7 billion, respectively, in quick succession.
“We are delighted to join CI’s growing network of like-minded companies,” said Michael Mattise, Managing Partner, President and Chief Investment Officer of Radnor in a statement.
CI Financial declined to respond to a query at the time of publication of this article, submitted a few hours earlier.
“We continue to deepen our working relationship with CI Financial, which has become a dominant player as a majority buyer,” said Karl Heckenberg, CEO of Emigrant Partners.
“CI and Emigrant have complementary business models and it is exciting to see the types of opportunities we can create for RIAs looking to achieve specific goals. “
Emigrant has stakes in other blind squirrels, including RegnetAtlantic of Chatham, NJ, which manages more than $ 4 billion in assets under management.
This acquisition marks CI’s 19th in the United States (including acquisitions by CI-affiliated RIAs) since January 2020.
Since its founding in 1989, Radnor’s niche has been to serve senior corporate executives.