CI Financial today announced that it has entered into an agreement to acquire Gofen and Glossberg LLC (“Gofen”), a 90-year-old Chicago-based wealth and investment management firm that oversees $7.5 billion, according to a news release.

The transaction, which would boost the global wealth manager’s U.S. assets to $95 billion, is expected to close later this year, subject to regulatory approval and other customary closing conditions. Financial terms were not disclosed.

Led by an executive committee that includes James Borovsky, Charles Gofen, Peter Kupferberg and Michael Stelmacki, the firm offers customized investment solutions and tailored planning solutions to primarily wealthy families, delivering investment and financial planning services, the release said. 

“As a firm with a history of 90 years, the decision to join with CI was not taken lightly,” Kupferberg, said in a statement. “However, we could not be more confident in this partnership, given the shared cultural and strategic vision of our firms. We are excited to join CI and eager to work together to extend and enhance the high level of service that helped build our reputation.”

Added Charles Gofen, the grandson of the firm’s co-founder, Samuel Gofen: “In CI Private Wealth, CI has built an impressive and compelling platform that includes top-tier wealth management firms across the country. We look forward to collaborating with our new colleagues and are confident that the sharing of knowledge and expertise will greatly benefit our practice and our clients.”

Kurt MacAlpine, CI CEO, said Gofen and Glossberg is exactly the type of firm CI looks to add to its growing CI Private Wealth group. He said the firm has delivered remarkable service since its founding in 1932. “Gofen’s committed team, tenured client relationships and attention to customization highlight their desire to go above and beyond.”

CI has become one of the country’s fastest-growing national wealth management platforms since entering the U.S. RIA advisor sector in January 2020. Gofen will be its third Chicago-based RIA acquisition and will substantially increase its presence in the broader Midwest as well, the company said. The acquisition will be the 24th among RIA firms (including affiliate acquisitions).

Just last week, the company agreed to acquire a majority interest in R.H. Bluestein & Co., a Birmingham, Mich., and N.Y.-based registered investment advisor overseeing $4.1 billion in assets. These latest acquisitions and other recently announced transactions will bring CI’s U.S. wealth management business assets globally to about $271 billion in the U.S. and $344 billion in Canada.

The Toronto-based CI added a Miami headquarters last month to support its U.S. expansion. Based in the city’s Brickell district, the Miami office will oversee the continued development of CI Private Wealth, the brand name for CI’s U.S. platform.