Doyle Wealth Management, an investment management firm in St. Petersburg, is selling to CI Financial, a Toronto-based wealth and asset management firm.
The deal was reported by Citywire RIA, which said financial terms were not disclosed. The transaction is expected to close by the end of the year.
Doyle Wealth Management, with $1.1 billion in assets, provides comprehensive financial planning, customized investment portfolios and some tax preparation services to high-net worth clients. The company was founded in 2005 by Robert Doyle, who is president and chief investment officer, and his wife, Jillian Doyle, who is chief financial officer. They will continue to lead the business after the deal closes, Citywire reported.
‘This partnership will allow us to expand the depth of our service offering and improve all aspects of our operations – leading to an enhanced experience for our clients,” Robert Doyle said in a statement.
The deal marks CI Financial’s entrance into the Florida market. The company likes Doyle Wealth Management’s financial planning and tax planning capabilities, its high growth rate and its location, said Kurt MacAlpine, CEO of CI.
“There is significant potential for DWM’s continued growth in the Tampa Bay area – one of the fastest-growing large urban areas in the U.S. – and throughout Florida, both in wealth planning and in tax preparation services,” MacAlpine told Citywire. “Additionally, the region’s popularity with Canadian snowbirds offers tremendous opportunities for CI and Doyle to offer cross-border services to Canadian clients.”
CI, which is publicly listed in Canada, has purchased interests in 10 U.S. advisory firms in less than a year, according to Citywire, and earlier Thursday applied for a listing on the New York Stock Exchange. It will have more than $14 billion in U.S. wealth assets once the deal with Doyle and other pending acquisitions close.
Investment banking firm Cambridge International Partners served as the financial advisor to Doyle Wealth Management.