(Toronto) CI Financial announced on Wednesday it had signed an agreement to acquire Gofen & Glossberg, a US wealth management and investment firm for high net worth clients.
Financial terms of the deal were not immediately available.
CI explained that Gofen & Glossberg, founded in 1932 and based in Chicago, would help expand its presence in the US Midwest.
CI’s assets in its US wealth management operations are expected to reach approximately C $ 121 billion upon closing of the transaction and other recently announced transactions.
The company says its total assets worldwide are expected to reach around C $ 344 billion.
The transaction is expected to close later this quarter, subject to obtaining regulatory approvals and other customary closing conditions.