Toronto-based CI Financial Corp. agreed to acquire New York-based registered investment adviser firm Roosevelt Investment Group Inc.
Financial terms of the deal were not disclosed.
Roosevelt Investment has approximately US$2.7 billion in assets. The transaction will increase CI Financial's U.S. wealth assets to about US$16.5 billion.
Roosevelt Investment is led by co-CEOs Adam Sheer and David Sheer and specializes in providing financial planning and wealth management services to high-net-worth families in the greater New York area, according to a CI Financial news release.
The deal is CI Financial's 12th registered investment adviser transaction since February.