CI Financial Corp. and its Assante Wealth Management (Canada) Ltd. subsidiary have signed a deal to acquire a minority share in Assante’s operation in Dorval, Que.
The companies say it’s the first direct equity investment in a regional or local operation for Assante, as the offices are typically owned by an adviser or adviser team.
Financial terms of the agreement were not immediately available.
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Assante Dorval provides wealth planning services to clients across Quebec. It has 59 licensed financial advisers and also serves as Assante’s Quebec regional corporate office.
CI has made a series of acquisitions this year to grow its wealth management business in Canada and the U.S.
It announced last month a deal to buy a majority interest in Aligned Capital Partners Inc. of Burlington, Ont.
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