CI Financial continues to extend its footprint across the U.S. with an agreement 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, according to an announcement today.

The transaction, which is expected to boost the global wealth manager’s U.S. assets to $87.5 billion ($111 billion in Canada), is expected to close later this year, subject to regulatory approval and other customary closing conditions. Financial terms were not disclosed.

Bluestein was founded in 1990 and is led by Robert H. Bluestein and Jeffrey N. Bluestein. The wealth and investment management firm serves families throughout the country from offices in Birmingham and NYC. It focuses on delivering tailored services to individuals, trusts and multigenerational families, the release said.

Robert Bluestein, president, said he and his team are impressed with CI’s growth in the U.S. and the high caliber of people and companies in the group. “We believe this partnership provides a unique platform upon which we can continue to deliver a positive client experience for years to come,” he said in a statement.

CI CEO Kurt MacAlpine said they see tremendous opportunity in partnering with Bluestein. “Bluestein exemplifies the quality, expertise and professionalism of the firms within CI Private Wealth and advances our goal of building the leading private wealth platform in the United States,” he said. “Over the past 30 years, they have done an exceptional job serving the needs of high-net-worth and ultra-high-net-worth families. Their focus is on delivering a world-class client experience with customized risk management and an unparalleled commitment to clients at its core."

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. The partnership with Bluestein will be the 23rd among registered investment advisor firms (including affiliate acquisitions). Bluestein also will be CI’s first RIA in the Metro Detroit area and in Michigan, strengthening its presence in the Midwest, where it manages about $35 billion from offices in Chicago, Cincinnati and Columbus, Ohio.

Last month, the Toronto-based CI added a Miami headquarters 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. The company managed and advised on about $334 billion in Canadian client assets (U.S. $264 billion) as of September 30.