Toronto-based CI Financial Corp. agreed to acquire a majority stake in Westlake Village, Calif.-based One Capital Management LLC, a registered investment adviser managing $1.6 billion in client assets.

Terms of the deal were not disclosed.

One Capital is a wealth management company with cross-border servicing capabilities that CI Financial will make available to clients that have their primary financial relationship with CI Financial's wealth management companies. CI Financial's wealth management business had C$180 billion in fee-earning assets as of Nov. 30, according to a news release.

This is the second deal that is part of CI Financial's initiative to build a significant and growing presence in the U.S. registered investment adviser market.

The transaction is expected to close in the first quarter of 2020.