Toronto-based asset manager CI Financial Corp. agreed to acquire a majority stake in WealthBar Financial Services Inc., an online wealth management and financial planning platform.
Terms of the transaction were not disclosed. The deal is expected to close in January 2019.
CI Financial CEO Peter Anderson said the transaction will "accelerate the development of [CI Financial's] comprehensive digital strategy."
Upon closing, WealthBar will continue to operate as a stand-alone business. Co-founder and CEO Tea Nicola; Co-founder and Chief Technology Officer Chris Nicola; and Chief Investment Officer and Chief Compliance Officer Neville Joanes will continue to manage the business and will retain ownership interest in the company.
BMO Capital Markets served as the exclusive financial adviser to WealthBar, while Osler Hoskin & Harcourt LLP served as legal counsel. Blake Cassels & Graydon LLP served as legal counsel to CI Financial.