CI Financial Corp., an asset management and wealth management firm based in Canada, has acquired a majority stake in a U.S. RIA to help expand its reach south of the border, the company says.

The Phoenix-based company, Surevest Wealth Management, was founded in 2002 by Robert Luna and offers financial planning and investment management to high net worth clients “through a concierge approach to wealth management,” CI says in a press release.

The companies didn’t disclose the financial terms of the deal.

The acquisition is part of CI’s broader plan “to build a significant and growing presence in the U.S. [RIA] market,” the company says.

CI has also signed a letter of intent to buy a second U.S.-based RIA and plans to make an announcement later this year, according to the press release.

CI’s wealth management business had around $36 million in assets as of the end of October, the company says.

“The U.S. has the world’s largest and most accessible wealth management market and RIAs are its fastest-growing segment," Kurt MacAlpine, CI’s CEO, says in the press release. "As a well-capitalized company with extensive experience in wealth management and a unique value proposition relative to other firms, CI is in a strong position to acquire leading RIAs and foster their continued expansion."

In October, another Canadian firm, Bank of Nova Scotia, announced plans to grow its U.S. wealth management business, most likely through acquisitions. And this summer, the private wealth management group of the Canadian Imperial Bank Of Commerce added St. Louis-based Lowenhaupt Global Advisors in a bid to expand its wealth management operations in the U.S.