CI Financial Corp., an independent company offering global asset management and wealth management advisory services, has agreed to acquire The Roosevelt Investment Group Inc., a New York-based registered investment advisor that specializes in providing financial planning and wealth management services to high-net-worth families in the greater New York area.

This acquisition marks CI Financial’s 12th registered investment advisor transaction since February 2020 and continues its rapid expansion in the U.S. wealth management industry. Once completed, the addition of Roosevelt, with $2.7 billion in assets, and other pending acquisitions will boost CI’s U.S. wealth assets to approximately $16.5 billion.

Roosevelt has a history of servicing the wealth management needs of high-net-worth individuals and families for more than four decades. Led by co-CEOs Adam Sheer and David Sheer, the firm also makes its bespoke investment capabilities available on leading investment platforms across the country. The acquisition of Roosevelt Investment Group expands CI Financial’s reach to New York, the largest financial market in the world.

CI Financial’s move into the U.S. RIA sector [registered investment advisor] reflects its strategic priorities of globalizing the firm and expanding its wealth management platform. CI’s U.S. business complements its leadership in the Canadian wealth management market, where its businesses include Assante Wealth Management, CI Private Counsel LP and Aligned Capital Partners Inc. As part of its strategy, CI will extend the CI Private Wealth brand, which was recently introduced in Canada to represent its high-net-worth and ultra-high-net-worth advisory businesses, to the United States.

Following the close of all pending transactions, CI Financial’s North American wealth management business will have approximately $63 billion U.S. in assets, an all-time high. CI’s total asset and wealth management assets will reach a record $157 billion. (Totals are based on asset levels as of October 31, 2020.)