CI Financial to acquire Budros, Ruhlin & Roe, a premier registered investment advisor based in Ohio, valued at $ 3.4 billion
TORONTO & COLUMBUS, Ohio – (BUSINESS WIRE) – CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) and Budros, Ruhlin & Roe, Inc. today announced an agreement under which CI will acquire Budros, Ruhlin & Roe, a leading Columbus-based company, to acquire an asset management company assets of $ 3.4 billion.
“Budros, Ruhlin & Roe is the leading private wealth company in its region with a decades-long track record,” said Kurt MacAlpine, CI’s Chief Executive Officer. “You share our customer-oriented approach and value comprehensive wealth planning. Your highly qualified team will play a valuable role in building CI Private Wealth into a national market leader. ”
Budros, Ruhlin & Roe was founded in 1979 and has developed into a leading, high-quality RIA offering investment management and financial planning services primarily to wealthy clients and foundations. The company also provides 401 (k) retirement plan management and retirement plans. With more than 800 customers, much of the company’s growth can be attributed to a strong referral network built on its reputation. In 2011 Budros, Ruhlin & Roe won the Schwab IMPACT Awards® Best in Business Award, a prestigious award that is only given to one company per year.
“While this is an acquisition, we also see it as an exciting merger with like-minded friends in the industry who share our fiduciary approach and high standards,” said Dan Roe, Co-CEO of Budros, Ruhlin & Roe. “We look forward to developing CI Private Wealth in the US and supporting this world-class operation for the benefit of customers and employees.”
“We chose CI because it is fully in line with our company’s bylaws, provides the best asset management services to our clients, helps employees grow in their jobs, and continually strives to improve the way we do business and how we work,” added co- CEO John Schuman. “It’s exciting to help shape the future of an industry-leading wealth management platform in the US”
This acquisition further solidifies CI Private Wealth as one of the fastest growing RIA platforms in the US and now consists of 16 RIAs with offices across the country. Upon completion of all outstanding transactions, CI’s US net worth is expected to be approximately $ 74 billion (Canadian $ 91 billion), with CI total net worth approximately $ 251 billion (Canadian $ 311 billion) worldwide. Budros, Ruhlin & Roe will also expand CI’s presence in the Midwest, where RIA firms are based in Chicago and Cincinnati.
This transaction is expected to close in the fourth quarter of 2021, subject to regulatory approval and other customary closing conditions. Ice Miller LLP served as legal advisor to Budros, Ruhlin & Roe. CI’s legal advisor was Hogan Lovells US LLP. Financial terms were not disclosed.
All amounts are as of June 30, 2021.
About Budros, Ruhlin & Roe
Budros, Ruhlin & Roe is an independent, fee-based asset management company with assets under management and advising of $ 3.4 billion. Founded in 1979, it offers comprehensive and tailored asset management, investment management and retirement planning services on trust for individuals, families and institutions.
About CI Financial
CI Financial Corp. is an independent company providing global asset management and asset management advisory services. CI managed and advised client assets of approximately $ 304.0 billion (US $ 245.2 billion) as of June 30, 2021. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd Canadian Asset Management by CI Assante Wealth Management (Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.) and CI Investment Services Inc.
CI’s US wealth management business consists of Barrett Asset Management, LLC, BDF LLC, Bowling Portfolio Management LLC, Brightworth, LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, Dowling & Yahnke, LLC, Doyle Wealth Management, LLC, One Capital Management, LLC, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, Segall, Bryant & Hamill, LLC, Stavis & Cohen Private Wealth, LLC and Surevest LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX. More information is available at www.cifinancial.com.
This press release contains forward-looking statements regarding expected future events, results, circumstances, performance, or expectations relating to CI Financial Corp. (“CI”) and its products and services, including its business, strategy, and financial performance and location. Forward-looking statements are typically identified by words such as “believe”, “expect”, “anticipate”, “forecast”, “anticipate”, “intend”, “estimate”, “aim”, “plan” and “project”. and similar references to future periods or conditional verbs such as “will”, “can”, “should”, “could” or “would”. These statements are not historical facts but rather represent management’s views regarding future events, many of which are inherently uncertain and beyond management’s control. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions used in the conclusions in these forward-looking statements include that the acquisitions of Radnor Financial Advisors and Budros, Ruhlin & Roe will complete and their assets will remain stable, that the mutual fund industry will remain stable and that interest rates will remain relative remain stable. Factors that could cause actual results to differ materially from expectations include, but are not limited to, general economic and market conditions, including interest and exchange rates, global financial markets, changes in government or tax laws, industry competition, technological developments and other factors as described or discussed in CI’s disclosure materials filed from time to time with applicable securities regulators. The list above is not exhaustive and the reader is cautioned to carefully consider these and other factors and not to place undue reliance on forward-looking statements. Unless expressly required by applicable law, CI assumes no obligation to update or change any forward-looking statements after the date of their publication, whether as a result of new information, future events or otherwise.
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