CI Financial continues to feast on Blind Squirrels' membership like a cache of stored nuts
The Toronto serial acquirer is adding study group member Radnor Financial Advisors' $2.6 billion to the bigger haul from Balasa Dinverno, RGT and Brightworth.
CI Financial Corp. will add an RIA to its roster and has now quietly bunched about $16.3 billion from the membership of an elite RIA study group with a name akin to a British pub.
The Toronto asset manager and wealth manager will nab $2.6 billion from Radnor Financial Advisors in Wayne, Pa, to grow CI’s U.S. assets to an estimated $68 billion and complete a rapid-fire take-out of Blind Squirrels' heads of state.
Blind Squirrels is one of a number of growing peer counseling groups that RIAs can turn to for advice on a range of issues involving the nuts and bolts of the business.
CI Financial CEO Kurt MacAlpine contines to drive his firm's torrid dealmaking. See: A hotshot Canadian CEO tears through the RIA market like the polar vortex, sweeping up $16 billion in AUM and ringing the bell on an NYSE listing that could fuel even more deals
CI previously acquired fellow 'Squirrel' firms Balasa Dinverno Foltz, RGT Wealth and Brightworth, which added $4.5 billion, $4.7 billion and $4.7 billion, respectively, in quick succession.
“We are excited to join the growing CI network of like-minded firms,” said Michael Mattise, managing partner, president and chief investment officer of Radnor in a release.
CI Financial declined to respond to a query by the time this article was published, submitted a few hours earlier.
CI keeps mining another rich cluster through Emigrant Partners/Fiduciary Network, which continues to cash out stakes by selling to the Canadian firm. See: What exactly makes the Kurt-and-Karl show click as CI Financial and Emigrant Partners do deals, tighten ties and co-evolve their business models
“We continue to deepen our working relationship with CI Financial, which has become a dominant player as a majority acquirer,” said Karl Heckenberg, CEO of Emigrant Partners.
“CI and Emigrant have complementary business models and it’s exciting to see the types of opportunities we can create for RIAs looking to achieve specific objectives."
Emigrant holds stakes in other Blind Squirrels including RegnetAtlantic of Chatham, N.J., which manages more than $4 billion of AUM.
The acquisition marks CI’s 19th in the U.S. (including acquisitions by CI-affiliated RIAs) since January 2020.
From its founding in 1989, Radnor's niche was in serving senior corporate executives.
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