Canadian RIA CI Gets Serious About US M&A

CI Financial will spend $5.1 billion to acquire Dowling & Yahnke as the Canadian RIA continues to expand its presence in the United States.

The deal would boost CI’s total U.S. assets to $63 billion, according to Investment News.

San Diego-based Dowling & Yahnke has 1,300 clients, primarily individuals, families, and non-profit organizations, according to a joint statement by the two firms.

The acquisition is the latest in an expansion frenzy by Toronto-based CI Financial. CI made its first U.S. acquisition—Phoenix-based Surevest Wealth Management— only 17 months ago, according to Barron’s. Since then, CI and its partner firms have made 17 additional U.S. deals.

When the Dowling & Yahnke deal is complete, it will roughly double CI’s holdings in California, according to Think Advisor, and push CI’s total assets in the U.S. and Canada to approximately $230 billion.


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