CI's purchase comes on the heels of several other U.S. acquisitions
CI Financial Corp. announced Tuesday it will acquire a majority interest in R.H. Bluestein & Co., a Michigan- and New-York-based financial consulting firm, which manages $4.9 billion in assets.
The transaction further bolsters CI’s significant presence in the Midwest. The company presently oversees around $35 billion from branches in Cincinnati, Chicago and Columbus. The transaction is expected to close in the later part of this quarter and is bound to regulations and other conditions.
Together with recent buyouts, CI projects its U.S. business increasing around $111 billion upon closing of this deal.
Last week, CI announced its subsidiary RGT Wealth Advisors had acquired Odyssey Wealth Management, a registered investment advisor from Dallas, Texas with over $200 million in assets. A week before that, CI announced its foray into the Pacific Northwest with the acquisition of McCutchen Group, a wealth management firm with $4.2 billion in assets under management. And in September, CI announced an agreement to acquire Portola Partners, a California-based wealth management outfit with $6.4 billion in assets.
With the recent shopping spree, CI predicts its total assets will climb to $334 billion, globally.
“We see tremendous opportunity in joining with Bluestein,” said CI’s chief executive officer, Kurt MacAlpine. “Over the past 30 years, they have done an exceptional job serving the needs of high-net-worth and ultra-high-net-worth families. Their focus is on delivering a world-class client experience with customized risk management and an unparalleled commitment to clients at its core. Bluestein exemplifies the quality, expertise and professionalism of the firms within CI Private Wealth and advances our goal of building the leading private wealth platform in the United States.”
“We are impressed with the business that CI has developed in the U.S. and the high caliber of the
people and companies in the group,” said Bluestein president, Robert Bluestein. “We believe
this partnership provides a unique platform upon which we can continue to deliver a positive
client experience for years to come.”
Bluestein is led by Robert and Jeffrey Bluestein and was founded in 1990.
