Company News

CI Financial to buy investment adviser Doyle Wealth Management

Nov 5 (Reuters) - Canadian asset and wealth manager CI Financial Corp will buy U.S. registered investment advisory (RIA) firm Doyle Wealth Management Inc, the companies said on Thursday.

The deal seeks to strengthen CI Financial’s U.S. wealth management operations and is expected to close by the end of the year. Terms of the deal were not disclosed.

DWM manages about $1.1 billion in assets, according to companies’ statement.

“There is significant potential for DWM’s continued growth in the Tampa Bay area – one of the fastest-growing large urban areas in the U.S. – and throughout Florida, both in wealth planning and in tax preparation services,” CI Financial Chief Executive Officer Kurt MacAlpine said.

Earlier on Thursday, Toronto-based CI Financial said it had submitted paperwork to list its common stock on the New York Stock Exchange. (Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi)