Birmingham wealth management company RH Bluestein & Co. is set to be taken over by a publicly traded financial services company.
Toronto-based CI Financial Corp. (TSX: CIX; NYSE: CIXX) said on Tuesday it has entered into an agreement to acquire Bluestein, which has total assets of approximately $ 4.1 billion. The deal brings CI Financial’s U.S. assets to more than $ 87 billion and to more than $ 264 billion globally, according to a press release.
“We are impressed with the business CI has developed in the United States and the high caliber of the individuals and businesses in the group,” Bluestein Chairman Robert Bluestein said in the statement. “We believe this partnership provides a unique platform on which we can continue to deliver a positive customer experience for years to come.”
After the acquisition, Robert Bluestein will remain chairman of the company.
Over 30-year-old Bluestein, headquartered in Birmingham city center with an office in New York City, focuses on wealth management services for ‘ultra’ high net worth families and individuals .
The proposed acquisition, the terms of which were not disclosed, would be CI Financial’s first entry into the Michigan market, although the company has registered investment advisers in Chicago, Cincinnati and Columbus.
CI Financial has been in the midst of an acquisition crisis for months. As of April 30, the company had completed 16 deals in 15 months, and since then has closed several more, according to the company’s website.
“We see a tremendous opportunity to join Bluestein,” Kurt MacAlpine, CEO of CI Financial, said in the statement. “Over the past 30 years, they have done an exceptional job meeting the needs of high net worth and very high net worth families. Their goal is to deliver a world-class customer experience with personalized risk management and a commitment to customers at the bottom. “
Subject to regulatory and customary closing conditions, the Bluestein acquisition transaction should be finalized before the end of the year.
Proskauer Rose LLP, Bodman PLC and Cambridge International Partners LLC served as advisers to Bluestein on the acquisition, the statement said.