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CI Financial to acquire BDF with US$4.5 billion in assets

August 04, 2020 / PR Newswire

CI Financial Corp. ("CI") (TSX: CIX) and Balasa Dinverno Foltz LLC ("BDF") of Itasca, Illinois, announced an agreement today under which CI will acquire full ownership of BDF, a private wealth management firm with US$4.5 billion in assets. BDF's excellence has been recognized through its inclusion on the prestigious Barron's magazine list of America's Top 50 registered investment advisor (RIA) firms for 2019. Through offices in the Chicago region, the BDF team of 62 people provide customized wealth management services to individuals and families, business owners and institutions and non- profit organizations.The acquisition vaults CI's U.S. wealth management business past the US$10 billion mark to approximately US$11 billion (C$14.7 billion) in assets. CI is the industry's fastest-growing RIA platform, having built its U.S. business in just six months. BDF is CI's fifth direct RIA acquisition, its eighth transaction when including acquisition...