CI Financial completes the acquisition of San Diego RIA Dowling & Yahnke
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TORONTO – CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) announced today that it has completed the acquisition of Dowling & Yahnke, LLC (“D&Y”), a San Diego-based wealth manager with approximately US $ 5.1 billion in assets.
The acquisition, which was announced for the first time in May 2021, adds one of the country’s leading Registered Investment Advisors (“RIAs”) to the CI Group and significantly expands CI’s presence in the key California market. It also brings CI’s US assets to over US $ 65 billion and its total assets to approximately US $ 244 billion.
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“Our mission is to create the leading private wealth management platform in the United States through the highest quality RIA network,” said Kurt MacAlpine, CEO of CI Financial. “Dowling & Yahnke has a strong and growing business, a team of dedicated experts and a history of providing superior service, exemplifying the type of RIA that has partnered with us. ”
D&Y, founded in 1991, serves more than 1,300 clients and provides comprehensive financial management and investment services to individuals, families and not-for-profit organizations. The accolades for the company include being listed on the FT 300 list of top registered investment advisers every year since the list was created in 2014. Chief Executive Officer Dale Yahnke was ranked No. 23 on the Barron 2020 list of the top 100 independent financial advisers, the 14e time he made the list, and he was appointed to the Barron Hall of Fame advisor in 2019.
Since entering the U.S. RIA industry in January 2020, CI has completed or announced 19 acquisitions (including acquisitions by CI affiliated RIAs), making it one of the fastest growing wealth management platforms. fastest in the country. Most recently, June 28, 2021, CI ad an agreement to acquire Radnor Financial Advisors (“Radnor”), an RIA based in Wayne, Pa., With approximately $ 2.6 billion in assets. This transaction, which is slated to close in the next quarter, is expected to bring CI’s US assets to approximately US $ 68 billion and its total assets to US $ 247 billion.
All asset amounts are as of May 31, 2021.
About CI Financial
CI Financial Corp. is an independent company providing global asset management and wealth management advisory services. CI managed and advised approximately C $ 288.3 billion (US $ 239.0 billion) in client assets as of May 31, 2021. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc. .) and GSFM Pty Ltd., and operates in Canadian Wealth Management through CI Assante Wealth Management (Assante Wealth Management (Canada) Ltée), CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investment (WealthBar Financial Services Inc.) and CI Investment Services Inc.
CI’s US wealth management businesses include Barrett Asset Management, LLC, BDF LLC, Bowling Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, Dowling & Yahnke, LLC, Doyle Wealth Management, LLC, One Capital Management, LLC, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, Segall, Bryant & Hamill, LLC, Stavis & Cohen Private Wealth, LLC and Surevest LLC.
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CI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX. More information is available at www.cifinancial.com.
The FT 300 rates registered investment advisers against desirable characteristics for investors and presents the FT 300 as an elite group, not a competitive ranking of 1 to 300. RIAs must complete an application to be considered. consideration. The formula the FT uses to score advisers is based on six major factors and calculates a numerical score for each advisor. Areas considered include assets under management, asset growth, company age, industry certifications of key employees, SEC compliance record, and online accessibility.
The ranking of Barron’s advisers reflects the volume of assets overseen by advisors and their teams, the revenue generated for the firms and the quality of advisor practices. Barron’s asked D&Y to apply for the ranking. The information for the ranking has been compiled by the advisor and may or may not be verified by Barron’s. The number of candidates taken into account for the ranking and the percentage of candidates who made the ranking are unknown. The price should not be taken as representative of a customer’s experience and should not be taken as an indication of the performance of D&Y and any of its customers. Although D&Y did not pay a fee to apply for the award, the company does purchase goods or services from the publisher of the award (such as publication subscriptions, rank reprints, and a payment to be included in the award. ‘other lists published by Barron’s). The Barron Hall of Fame is an award honoring a group of advisors who exemplify long-term success and commitment to their clients. Every Hall of Fame member has been featured in 10 or more of Barron’s annual Top 100 Advisors rankings.
This press release contains forward-looking statements regarding anticipated future events, results, circumstances, performance or expectations regarding CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and conditions. Forward-looking statements are generally identified by words such as “believe”, “expect”, “expect”, “expect”, “anticipate”, “intend”, “estimate”, “objective”, ” plan ”and“ project ”and similar references to future periods, or conditional verbs such as“ will ”,“ may ”,“ should ”,“ could ”or“ would ”. These statements are not historical facts, but rather represent management’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of management. Although management believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, these statements involve risks and uncertainties. Important factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that the acquisition of Radnor will be completed and its asset levels will remain stable, the investment fund industry will remain stable and interest rates. interest will remain relatively stable. Factors that could cause actual results to differ materially from expectations include, but are not limited to, general economic and market conditions including interest and exchange rates, global financial markets, changes made government regulations or tax laws, competition in the industry, technological developments and other factors described or discussed in CI’s disclosure documents filed with the relevant securities authorities from time to time. The foregoing list is not exhaustive, and the reader is urged to carefully consider these and other factors and not to place undue reliance on forward-looking statements. Unless specifically required by applicable law, CI assumes no obligation to update or modify any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.
Jason Weyeneth, CFA
Vice-President, Investor Relations and Strategy
Vice-President, Corporate Communications
Trevor Davis, Gregory FCA for CI Financial