CI Financial growing wealth management business with minority stake in Assante Dorval

The Assante Wealth Management company logo is shown in a handout. THE CANADIAN PRESS/HO

MONTREAL — CI Financial Corp. and its Assante Wealth Management (Canada) Ltd. subsidiary have signed a deal to acquire a minority share in Assante's operation in Dorval, Que.

The companies say it's the first direct equity investment in a regional or local operation for Assante, as the offices are typically owned by an adviser or adviser team.

Financial terms of the agreement were not immediately available.

Assante Dorval provides wealth planning services to clients across Quebec. It has 59 licensed financial advisers and also serves as Assante's Quebec regional corporate office.

CI has made a series of acquisitions this year to grow its wealth management business in Canada and the U.S.

It announced last month a deal to buy a majority interest in Aligned Capital Partners Inc. of Burlington, Ont.

-- this report by The Canadian Press was first published Sept. 24, 2020.