Acquisition 08:02 AM EDT, 05/10/2021 (MT Newswires) -- CI Financial Corp. (CIX.TO) on Monday said it agreed to acquire Dowling & Yahnke, LLC, a San Diego-based investment advisor firm with US$5.1 billion in assets.
Closing is expected in the second quarter. Financial terms were not disclosed.
CI said the transaction is expected to boost the company's total U.S. assets to US$63 billion and total assets to US$230 billion.
Meanwhile, CI Financial subsidiary CI Global Asset Management said the merger of closed-end investment fund CI Galaxy Bitcoin Fund (BTCG.TO) into exchange-traded fund CI Galaxy Bitcoin ETF (BTCX.TO) was completed last Friday.
Unitholders of CI Galaxy Bitcoin Fund received units of CI Galaxy Bitcoin ETF based on a 2.336595:1 exchange ratio. The total number of units of the continuing ETF is 13,405,314.
CI GAM said it implemented the merger as it believes that the ETF structure offers increased liquidity through continuous distribution and the potential benefits of greater economies of scale.
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