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CI Financial snaps up Dowling & Yahnke Wealth Advisors

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CI Financial Corp. continues acquiring registered investment advisers with the purchase of Dowling & Yahnke Wealth Advisors, a San Diego-based RIA with $5.1 billion in assets under management.

Terms of the deal, which is expected to close in the second quarter, were not disclosed.

Like other CI acquisitions, D&Y will keep its name, a CI spokeswoman confirmed Monday in an email.

The acquisition marks the 18th that Toronto-based CI has made since entering the U.S. RIA market in January 2020. Once the deal closes, CI will have roughly $79 billion in U.S. assets under management and $289 billion in global AUM.

The firm announced March 15 that it had agreed to buy Atlanta-based RIA Brightworth. On March 11, it said it had agreed to purchase Barrett Asset Management, and in January, CI said it had bought Segall Bryant & Hamill.

The asset and wealth management investment banking team of Raymond James Financial and Alston & Bird advised D&Y in the deal, while Hogan Lovells US served as legal adviser to CI.