The Globe and Mail reports in its Friday, Aug. 11, edition that CI Financial has scooped up two wealth management businesses adding more than $3.8-billion in client assets. The Globe's Clare O'Hara writes that on Thursday, CI announced the purchase of Montreal-based Coriel Capital, an ultra-high-net-worth office with $1.3-billion in client assets. On the same day, in CI's second quarterly earnings report, it revealed the purchase of San Antonio-based Intercontinental Wealth Advisors, a registered investment advisory business with $1.7-billion in client assets. No financial details were made public for either deal. Over the past three years, CI has been on an acquisition spree, buying more than 30 registered investment adviser firms scattered across the U.S. -- including Avalon Advisors and La Ferla, two U.S. firms that combined manage almost $12-billion in assets. RIAs typically follow an independent business model -- meaning they are not part of a larger brokerage like many Canadian advisers -- and U.S. advisers have a legal fiduciary obligation to act in the best interests of clients. CI's total assets under management reached $398-billion as of June 30, up 20 per cent from a year ago.