Toronto-based CI Financial continues its U.S. buying spree with an agreement to acquire Dowling & Yahnke LLC (“D&Y”), a San Diego-based registered investment advisor with $5.1 billion in assets, the companies announced today.
The transaction, which is expected to close later this quarter subject to regulatory, stock exchange, and other customary closing conditions, is expected to increase the fast-growing Canadian global asset and wealth management company’s total U.S. assets to $63 billion, the news release said. Financial terms were not disclosed.
The D&Y team, according to the release, operates as Dowling & Yahnke Wealth Advisors and provides comprehensive investment management and financial planning services tailored to clients’ individual life and legacy goals. Founded in 1991, it serves over 1,300 clients, primarily individuals, families, and non-profit organizations.
“Dowling & Yahnke is one of the top RIAs in the U.S. and we’re thrilled to welcome the team to CI,” Kurt MacAlpine, CI CEO, said in the statement. “Dale Yahnke and his team have built an exceptional business distinguished by their dedication to clients, deep expertise in holistic wealth planning, and an enduring reputation for excellence.”
MacAlpine noted that D&Y is its second-largest RIA acquisition to date and will be the sixth RIA in its group with more than $5 billion in assets. “Our vision and value proposition continue to resonate with advisors, and we’re honored that the country’s leading RIAs are choosing to partner with CI,” he added.
Its largest RIA acquisition was in January, with the addition of Chicago-based Segall Bryant & Hamill (SBH), a high-net-worth RIA and institutional asset manager with $23.1 billion in assets. CI has since snapped up Brightworth LLC, an Atlanta-based RIA with about $4.7 billion in client assets, and Barrett Asset Management LLC, a New York City-based RIA managing $2.5 billion in client assets. Both acquisitions were announced days apart in mid-March.
Dale Yahnke, D&Y's CEO, noted that D&Y was founded on “the idea of placing the best interests of our clients above all else,” and a strategic partnership with CI allows the firm to elevate that mission of providing the highest level of professional services for its clients.
“We are impressed by CI’s depth of experience in wealth management as well as the caliber of the firms they are assembling to create a premier, national wealth management organization. Being part of CI ensures enhanced support and services for our clients, continued growth for our firm, and new opportunities for our employees. We look forward to working with CI and its other partner firms in this exciting new stage of development for the collective team,” Yahnke said in a prepared statement.
CI entered the U.S. RIA market in January 2020 with the goal of building the nation’s leading private wealth firm and has since become the fastest-growing RIA platform in the U.S. through a series of acquisitions, the release noted.
The addition of D&Y, its first San Diego location, is expected to more than double CI’s assets in the key Southern California market, the release said. The transaction also represents CI’s 18th RIA acquisition (including acquisitions by CI-affiliated RIAs) and is expected to increase CI’s total assets under management and wealth management assets globally to approximately $230 billion in the U.S. and $289 billion in Canada.