CI Financial continues its U.S. buying spree with an agreement to take over McCutchen Group, an ultra-wealthy focused Seattle-based wealth management firm with $3.4 billion in assets under management, according to an announcement today.

The transaction, which is expected to boost the global wealth manager’s U.S. assets to about $83 billion ($106 billion in Canada), is expected to close later this year, subject to regulatory approval and other customary closing conditions. Financial terms were not disclosed.

McCutchen Group, founded in 2007 by CEO Matt McCutchen, provides comprehensive financial advisory services ranging from investment management to tax, charitable and estate planning, as well as family office services to a select group of individuals and families across the country, the release noted.

“CI is an ideal partner for us and our clients, given the strong alignment of culture and values and its commitment to a client-focused model,” McCutchen said in a statement. “Working with CI will allow us to expand and enhance the services we offer our clients while preserving the advisory model that our clients value.”

Kurt MacAlpine, CI CEO, said McCutchen Group, CI’s first office in the Pacific Northwest, provides a solid foundation for continued growth in that region. “McCutchen Group is an exceptional multi-family office RIA with deep client relationships, developed through extensive experience serving the complex needs of the ultra-high-net-worth segment,” he said.

He added that the firm “further enhances our presence and expertise in this space, which is critical to CI Private Wealth becoming the leading wealth management platform in the U.S. for high-net-worth and ultra-high-net-worth individuals and families.”

Since entering the U.S. registered investment advisor sector in January 2020, CI has become one of the country’s fastest-growing national wealth management platforms. This latest transaction is its 22nd registered investment advisor firms (including affiliate acquisitions).

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 said. The company managed and advised on about $329 billion in Canadian client assets (U.S. $260 billion) as of September 30.