CI Financial Corp. (“CI”) (TSX:CIX, NYSE:CIXX) and Budros, Ruhlin & Roe, Inc. today announced an agreement under which CI will acquire Budros, Ruhlin & Roe, a leading Columbus-based wealth management firm with US$3.4 billion in assets.
“Budros, Ruhlin & Roe is the leading private wealth firm in its region with a multi-decade track record of success,” said Kurt MacAlpine, CI Chief Executive Officer. “They share our client-centered approach and emphasis on comprehensive wealth planning. Their highly accomplished team will play a valued role in building CI Private Wealth into a national leader.”
Established in 1979, Budros, Ruhlin & Roe has evolved into a leading, high-quality RIA providing investment management and financial planning services, primarily for high-net-worth clientele and foundations. The firm also offers retirement plan management for 401(k) and pension plans. With more than 800 clients, much of the firm’s growth can be attributed to a strong referral network built upon its glowing reputation. In 2011, Budros, Ruhlin & Roe won the Schwab IMPACT Awards® Best in Business Award, a prestigious achievement only bestowed upon one firm a year.
“While this is an acquisition, we also see it as an exciting merger with like-minded friends in the industry who share our fiduciary approach and high standards,” said Dan Roe, co-CEO of Budros, Ruhlin & Roe. “We look forward to developing CI Private Wealth in the U.S. and helping this best-in-class operation benefit clients and employees alike.”
“We chose CI because it is in complete alignment with our firm’s constitution, providing our clients with the very best wealth management services, helping employees grow in their jobs and continuously striving to improve what we do and how we do it,” added co-CEO John Schuman. “It’s exciting to help define the future of an industry-leading wealth management platform in the U.S.”
This acquisition further cements CI Private Wealth as one of the fastest-growing RIA platforms in the U.S., and it now consists of 16 RIAs with offices across the country. Following the completion of all outstanding transactions, CI’s U.S. wealth assets are expected to be approximately US$74 billion (C$91 billion), with CI’s total assets globally reaching approximately US$251 billion (C$311 billion). Budros, Ruhlin & Roe will also expand CI’s presence in the Midwest, where it has RIA firms based in Chicago and Cincinnati.
This transaction is expected to close in the fourth quarter of 2021, subject to regulatory approval and other customary closing conditions. Ice Miller LLP served as legal advisor to Budros, Ruhlin & Roe. CI’s legal advisor was Hogan Lovells US LLP. Financial terms were not disclosed.
All amounts are as of June 30, 2021.
