TORONTO–(BUSINESS WIRE)–CI Financial Corp. today announced it has completed its acquisition of Dowling & Yahnke, a San Diego-based wealth manager with approximately US$5.1 billion in assets.
The acquisition, which was first announced 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 increases CI’s U.S. assets to more than US$65 billion and total assets to approximately US$244 billion.
“Our mission is to build the leading private wealth platform in the United States through a network of the highest-quality RIAs,” said Kurt MacAlpine, Chief Executive Officer of CI Financial. “Dowling & Yahnke has a strong and growing business, a dedicated, expert team, and a track record of delivering superior service – exemplifying the type of RIA that has joined forces with us.”
D&Y, founded in 1991, serves over 1,300 clients and provides comprehensive financial and investment management services to individuals, families and non-profits. The firm’s accolades include being named to the FT 300 Top Registered Investment Advisors list every year since the list’s inception in 2014. Chief Executive Officer Dale Yahnke was ranked No. 23 on the Barron’s 2020 list of Top 100 Independent Financial Advisors, the 14th time he has made the list, and he was named to the Barron’s Advisor Hall of Fame in 2019.
Since entering the U.S. RIA sector in January 2020, CI has completed or announced 19 acquisitions, (including acquisitions by CI-affiliated RIAs), making it one of the country’s fastest-growing wealth management platforms. Most recently, on June 28, 2021, CI announced an agreement to acquire Radnor Financial Advisors (“Radnor”), an RIA based in Wayne, PA, with approximately US$2.6 billion in assets. That transaction, which is scheduled to close next quarter, is expected to increase CI’s U.S. assets to approximately US$68 billion and total assets to US$247 billion.
All asset amounts are as at May 31, 2021.
About CI Financial
CI Financial Corp. is an independent company offering global asset management and wealth management advisory services. CI managed and advised on 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 it operates in Canadian wealth management through CI Assante Wealth Management (Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.), and CI Investment Services Inc.
CI’s U.S. wealth management businesses consist of 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.
CI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX. Further information is available at www.cifinancial.com.
