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CI Financial to acquire New York-based Roosevelt Investment Group

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.