RIA BUYER: CI Financial to Buy Bowling Portfolio Management of Cincinnati
Posted on 09/22/2020
CI Financial Corporation signed a deal to acquire Bowling Portfolio Management LLC of Cincinnati, Ohio. Bowling Portfolio Management is a woman-owned registered investment advisory firm with US$ 450 million in assets under management. Bowling represents CI’s sixth direct registered investment advisor (RIA) transaction this year and ninth overall (including acquisitions by affiliated RIAs), making CI one of the fastest-growing RIA platforms in the United States. When all pending transactions close, CI will hold interests in wealth management firms across the U.S. with combined assets of approximately US$ 11.5 billion, based on assets as of August 31, 2020.
Bowling Portfolio Management provides customized financial planning and investment management services to high-net-worth clients. The firm is led by principals Kathy Wayner, President, Chief Executive Officer, and Managing Partner, and Darren Kavesh, Chief Investment Officer and Managing Partner. Following the close of the Bowling transaction, Darren Kavesh will be named President and Chief Executive Officer. Wayner will remain with the firm in a consulting capacity.
Park Sutton Advisors LLC served as exclusive financial advisor to Bowling in this transaction with legal representation by Katz Teller Brant & Hild.
CI’s U.S. expansion, which began in the first quarter of 2020, supports strategic priorities of expanding its wealth management platform and globalizing the firm. CI holds ownership interests in:
Balasa Dinverno Foltz LLC (“BDF”) of Itasca, Illinois
The Cabana Group, LLC, of Fayetteville, Arkansas
Congress Wealth Management, LLC of Boston, Massachusetts
One Capital Management, LLC, of Westlake Village, California
Surevest, LLC, of Phoenix, Arizona.
CI’s primary asset management businesses are CI Investments Inc. and GSFM Pty Ltd., and it operates in wealth management through Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, CI Direct Investing (WealthBar Financial Services Inc.), BBS Securities Inc., Balasa Dinverno Foltz LLC, The Cabana Group, LLC, Congress Wealth Management, One Capital Management, LLC and Surevest LLC.