CI Financial now owns 100% of Vancouver-born robo-visor WealthBar Financial Services.

The Toronto-based global asset and wealth management company announced today it has increased its ownership of WealthBar to 100% by acquiring the remaining 25% minority interest. CI first acquired a majority stake in WealthBar in January of 2019.

The transaction will eventually allow for WealthBar to be combined with Virtual Brokers, CI’s discount broker, to create an integrated online investment platform to be called CI Direct Investing.

WealthBar will be rebranded CI Direct Investing in the coming months, with the Virtual Brokers rebrand following when the two platforms are fully integrated.

“WealthBar and Virtual Brokers have posted strong growth and these changes will set the stage for further success,” said Kurt MacAlpine, CI Chief Executive Officer.

“The unified CI Direct Investing brand will be consistent with the new branding strategy for CI Financial, making it clear that these platforms are part of a large, integrated asset and wealth management company.”

Three WealthBar executives — CEO Tea Nicola, CTO Chris Nicola, and CIO and CCO Neville Joanes — retained a minority stake in the company at the time. They will all remain with WealthBar now that CI has taken full control of the company.