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Laxman Pai, Opalesque Asia:

Toronto-based CI Financial is buying the wealth management business of Eaton Vance WaterOak Advisors, which has some US$11.4 billion of client assets and formerly did business as Eaton Vance Investment Counsel (EVIC) of Boston.

Before its acquisition by Morgan Stanley in 2021, EVIC served as the dedicated wealth management affiliate of Eaton Vance Corp. The firm, which traces its history to 1924, provides comprehensive wealth management services - including investment management, financial, estate and tax planning, and family office and trust services - to help its clients maintain financial security over the long term.

The deal that it struck with Morgan Stanley is expected to grow the assets on CI's RIA platform in the U.S. - CI Private Wealth - to about $133 billion.

CI has made dozens of small acquisitions since entering the U.S. market in 2020 -- and wealth management is now its biggest business line.

"With nearly a century of success, Eaton Vance Investment Counsel has earned its reputation as one of the country's leading registered investment advisors and we are proud to welcome them to CI Private Wealth," said Kurt MacAlpine, CI Chief Executive Officer. "This is one of our largest U.S. acquisitions by assets to date and aligns us with a growing firm with a rich history, an exceptional team, industry-leading wealth management capabilities, and loyal, sophisticated clients."

David McCabe, Co-President of EVIC said: "C......................

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