CI Financial, a diversified global asset and wealth management company headquartered in Toronto, has agreed to acquire Brightworth, LLC, an Atlanta-based registered investment advisor managing approximately $4.7 billion in client assets, the companies announced today in a news release.
Financial details of the transaction were not disclosed, but once completed, it is expected to bring CI’s U.S. assets to approximately $55 billion across 15 states, while expanding Brightworth’s regional growth following its acquisition of Charlotte, N.C.-based McGill Advisors Inc., in 2017.
Founded in 1997, Brightworth is a fee-only wealth management firm providinb comprehensive investment advisory and financial planning services to high-net-worth individuals, families, business owners, trusts, estates, charitable organizations, and pension and profit-sharing plans. The practice specializes in servicing corporate professionals and executives, dental industry professionals, and business owners through its business exit and transition services group.
The firm’s agreement to merge with CI comes on the heels of the Canadian giant’s announcement last week that it would acquire Barrett Asset Management LLC, a New York City-based RIA managing $2.5 billion in client assets for high-net-worth and ultra-high-net-worth individuals and families. The acquisition of Brightworth extends CI’s presence into the strategic Southeast market, with Atlanta alone being one of the country’s largest urban economies and home to numerous Fortune 500 companies, the news release said.
Supporting the transaction was Emigrant Partners, LLC/Fiduciary Network LLC, which has agreed to sell its minority interest in Brightworth to CI for an undisclosed sum.
Including acquisitions by CI-affiliated RIAs, the Brightworth transaction is CI’s 16th since it entered the U.S. RIA market in January 2020. The transaction is expected to close in the second quarter, subject to regulatory, stock exchange and other customary closing conditions.
Brightworth was advised by the Asset & Wealth Management Investment Banking team of Raymond James Financial Inc. and Alston & Bird LLP. CI was advised by Hogan Lovells US LLP.