The acquisition marks CI’s 19th in the US (including acquisitions by CI-affiliated RIAs) since January 2020.
Canada-listed CI Financial has agreed to buy Radnor Financial Advisors, a firm with $2.6 billion in client money - CI’s 19th such deal that has seen it significantly expand its wealth management footprint in the US over the past couple of years.
Radnor, based in Wayne, Pennsylvania, will help to increase CI’s US assets to around $68 billion.
“Radnor Financial Advisors is an exemplary RIA that is well recognized for its best-in-class client service and team,” Kurt MacAlpine, CI chief executive, said in a statement. “For over 30 years, Radnor has delivered a suite of services that encapsulate wealth and investment management. We look forward to helping them expand their services and continue to deliver for their incredible client base.”
From its founding in 1989, Radnor has primarily catered to high net worth individuals and families, establishing a niche in serving senior corporate executives.
Emigrant Partners, LLC/Fiduciary Network, LLC (“Emigrant Partners”), supported the transaction and is selling its minority interest in Radnor to CI.
This transaction is expected to close in the third quarter of 2021, subject to regulatory approval and other customary closing conditions. Radnor was advised by Alston & Bird LLP and CI was advised by Hogan Lovells US LLP. The financial terms of this transaction were not disclosed.