11:15 AM EST - CI Financial Corp. : And Congress Wealth Management, LLC (“CWM”) announced today that CWM has acquired Pinnacle Advisory Group, Inc of Columbia, MD in a transaction that increases the size of CWM’s business by 70% and expands its presence to new markets on the East Coast and in South Florida. The addition of Pinnacle’s $2.4 billion in assets and offices in Columbia and Miami will increase CWM’s business to $5.8 billion and seven offices nationwide. The transaction, which closed on April 30, was financially supported by CI, which holds a significant strategic ownership stake in CWM as part of a U.S. wealth management business with direct investments in 13 registered investment advisor firms with $56 billion in assets. CI Financial Corp.
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