The latest transactions and acquisitions in the North American wealth management industry.

Canada’s CI Financial has completed its purchase of strategic stakes in two US registered investment advisor firms – Congress Wealth Management of Boston and The Cabana Group of Fayetteville, Arkansas. The development is another turn on the wheel of M&A activity that continues in spite of the problems caused by COVID-19.

The transactions, which were first announced earlier this year, have added a total of $5.0 billion in assets to CI's wealth management business. CI now holds interests in four US-based RIAs with total assets of $8.1 billion. Terms were not disclosed. CI's other RIA acquisitions include majority interests in Surevest, LLC, of Phoenix and One Capital Management, LLC, of Westlake Village, California.

“RIAs constitute the fastest-growing segment of US wealth management and these firms are an excellent complement to our Canadian wealth platform. Not only is there potential for synergies in investment and wealth planning services, but we are now able to offer true cross-border services to our Canadian clients," Kurt MacAlpine, CI chief executive, said.

Congress provides wealth management and family office services to high net worth individuals, families, foundations, and endowments. Cabana is the parent company of Cabana Asset Management, which offers risk-managed portfolios to its retail clients and on a sub-advisory basis to RIAs and advisors across the US.