Toronto-based CI Financial is acquiring Radnor Financial Advisors, a registered investment advisor (RIA) based in Wayne, Pa. with approximately US$2.6 billion in assets, CI said Monday.
The deal for high-net-worth wealth manager Radnor is the latest of CI’s 19 RIA acquisitions (including acquisitions made by CI-affiliated RIAs), bringing its U.S. assets to approximately US$68 billion, a release from CI said. Most recently, CI acquired Dowling & Yahnke LLC in May.
“Advanced capabilities in tax advice and preparation are extremely valuable for high-net-worth clients and Radnor’s expertise in this area will be a great addition to our platform,” CI’s CEO Kurt MacAlpine said in a statement.
Financial terms of the deal were not disclosed. The transaction is expected to close in the third quarter of this year.