It’s thought the move will help the firm launch its own robo-advisory platform
As part of its strategic investment in the financial technology space, CI Financial Corp has successfully completed the acquisition of BBS Securities and its associated entities Pario Technology Corp. and Virtual Brokers.
To recall, CI reached an agreement with BBS Securities early in September for the planned takeover.
CI CEO Peter Anderson said the acquisition would help the group gain the technology to enhance and increase the efficiency of its operations.
"BBS expertise and technology will help other CI companies enhance their products and services to meet the changing needs of investors and advisors," Anderson said.
He added that CI's strength and stability will support the continued growth and development of BBS's core businesses.
In a statement released earlier, BBS Securities founder and CEO Bardya Ziaian said, "Our firm will benefit from the financial strength and stability of CI, which will support investments in technology, product development and service."
The acquisition lays the foundation for CI's aim of establishing its own automated investment advice platform.
A report on the Motley Fool said CI's financial advisory unit was said to be rolling out a robo-advisory service to complement its network of 750-human advisors across the country.
While this plan, which was announced more than two years ago, has yet to materialize, industry experts believe this recent acquisition could make CI's robo-advisory service a reality.
For more of Wealth Professional's latest industry news, click here.
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To recall, CI reached an agreement with BBS Securities early in September for the planned takeover.
CI CEO Peter Anderson said the acquisition would help the group gain the technology to enhance and increase the efficiency of its operations.
"BBS expertise and technology will help other CI companies enhance their products and services to meet the changing needs of investors and advisors," Anderson said.
He added that CI's strength and stability will support the continued growth and development of BBS's core businesses.
In a statement released earlier, BBS Securities founder and CEO Bardya Ziaian said, "Our firm will benefit from the financial strength and stability of CI, which will support investments in technology, product development and service."
The acquisition lays the foundation for CI's aim of establishing its own automated investment advice platform.
A report on the Motley Fool said CI's financial advisory unit was said to be rolling out a robo-advisory service to complement its network of 750-human advisors across the country.
While this plan, which was announced more than two years ago, has yet to materialize, industry experts believe this recent acquisition could make CI's robo-advisory service a reality.
For more of Wealth Professional's latest industry news, click here.
Related stories:
CI to issue debt securities to fund Sentry acquisition
CIIAM launches global real-estate fund
