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CI Financial taking over Doyle Wealth Management
Posted on Friday, 06 November 2020 15:29
CI Financial has agreed to pick up Doyle Wealth Management (DWM), a US-headquartered provider of investment advisory services.
No financial details of the deal, which is expected to complete by the end of this year, subject to regulatory approvals, have been disclosed at this time.
The buyer believes the acquisition will enable it to strengthen its US wealth management operations, taking its assets in this area to more than USD 14.00 billion, and singled out the Florida market in which its presence would grow.
Chief executive Kurt MacAlpine added that the move will also present it with opportunities for the parties to offer cross-border services to clients in Canada.
Robert Doyle, co-founder and president of DWM, added: “This partnership will allow us to expand the depth of our service offering and improve all aspects of our operations – leading to an enhanced experience for our clients. Joining with CI will advance the development of our firm, benefiting our clients and providing new opportunities for our employees.”
The target will continue to be led by co-founders Robert and Jillian Doyle following closing.
CI Financial is in the process of carrying out a number of other acquisitions; once all outstanding deals have closed, its North American wealth management business will comprise USD 80.00 billion in assets, while total asset and wealth management operations will total USD 205.00 billion.
DWM was established in 2005 and is headquartered in St. Petersburg.
The company’s offering includes financial planning and customised investment portfolios, which it provides to high-net-worth individuals.
This is not the first piece of news involving CI Financial to have been announced in the last few days; just yesterday, it unveiled plans to float on the New York Stock Exchange.
It said it has applied to list its common stock on the exchange as part of its plans to globalise the business.
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