CI Financial Corp. (CI), a publicly owned asset management holding company based in Toronto has agreed to acquire Radnor Financial Advisors, a registered investment advisor (RIA) in the Philadelphia suburb of Wayne, Pa., with about $2.6 billion in client assets, the companies said in a news release today.

“As a firm with a close-knit, family-like atmosphere and an eye toward multigenerational service and stability, we feel that partnering with CI builds on our over 30-year history and will provide a strong path forward for our clients, team and business partners,” Michael Mattise, managing partner, president and CIO of Radnor, said in the news release.

Including acquisitions by CI-affiliated RIAs, the Radnor acquisition marks CI’s 19th M&A deal in the U.S. since January 2020, making it one of the country’s fastest-growing wealth management platforms, the release said. Following the completion of all pending transactions, CI said it expects its total assets to reach $247 billion. 

Emigrant Partners, LLC/Fiduciary Network LLC has agreed to sell its minority interest in Radnor to CI.

“CI and Emigrant have complementary business models and it’s exciting to see the types of opportunities we can create for RIAs looking to achieve specific objectives,” Karl Heckenberg, CEO of Emigrant Partners, said in the news release. “We’ve enjoyed an incredible relationship with the Radnor team and we believe their next 30 years will be even more successful than the last 30.”

Founded in 1989, Radnor serves high-net-worth individuals and families, with a focus on executive compensation and financial planning.

According to CI CEO Kurt McAlpine, the deal is expected to be mutually beneficial to both companies.

“For over 30 years, Radnor has delivered a suite of services that encapsulate wealth and investment management,” McAlpine said in the news release. “Advanced capabilities in tax advice and preparation are extremely valuable for high-net-worth clients and Radnor’s expertise in this area will be a great addition to our platform.”

Financial details of the transaction were not disclosed, but is expected to close in the third quarter of 2021, subject to regulatory approval and other customary closing conditions, the release said. Alston & Bird LLP advised Radnor, while Hogan Lovells US LLP advised CI.