The Canada-based financial group's buying activity in the US wealth management space - focusing on RIAs - has been one of the most striking M&A forces in the past two years.
The transaction was conducted via CI Private Wealth, a division of CI Financial.
CI Financial also said in a statement that it has wrapped up the previously-announced acquisition of RIA McCutchen Group of Seattle. That business manages $3.4 billion in assets and is led by Matt McCutchen, founder and CEO. The deals add about $4 billion to CI’s US wealth management business, taking the total to around $86.6 billion.
Cambridge International Partners advised Matrix on the deal and Hogan Lovells US advised CI Financial. Financial terms were not disclosed.
Matrix has been serving high net worth clients for more than 20 years and oversees $615 million in assets. It is led by managing director Christopher Burke and Michael Wik.
Toronto-listed CI Financial has been one of the most prominent M&A players in the North American wealth space since beginning its purchasing spree at the start of 2020. When all outstanding transactions are completed, CI’s US wealth management assets are expected to be around $98.2 billion with total assets globally reaching approximately $283.4 billion.
As a sign of how busy M&A has been in the registered investment advisor space, DeVoe & Company, an investment bank and consultancy, said that transactions crossed the 200 mark within a calendar year for the first time ever.