CI Financial Corp., a Canadian asset management and wealth management advisory company, recently entered into an agreement to purchase Radnor Financial Advisors, an independent, fee-only wealth management firm in the Philadelphia area, for an undisclosed amount.
Radnor, based in Wayne, was founded in 1989. Its clients are senior corporate executives and high-net-worth individuals and families, and it specializes in financial planning and executive compensation. It also offers fiduciary income tax return preparation services and comprehensive accounting and income tax division.
The addition of Radnor will increase CI’s U.S. assets by approximately $68 billion.
“We are excited to join the growing CI network of like-minded firms to continue Radnor’s growth, with a clear focus on providing superior client service, maintaining a fiduciary responsibility, and expanding professional opportunities for our staff,” Michael Mattise, Radnor president and chief investment officer, said.
The deal is expected to close in the third quarter and is subject to regulatory approval and other customary closing conditions. Once the deal closes, CI’s assets are expected to total $247 billion.
Since January 2020, CI has made 19 acquisitions in the United States. This makes it one of the fastest-growing wealth management platforms in the country.