Mubadala Capital, which manages $27 billion in assets, will take a 42% stake in Silver Rock Financial, which manages $10 billion in assets.
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The deal expands Mubadala Capital’s reach in the US while giving CI Financial additional backing after years of snapping up RIAs.
Black professionals account for just 2% of Certified Financial Planners in the US, according to industry data.
Stoli Group USA, the maker of the eponymous vodka, had bankruptcy protection to be thankful for during last week’s holiday.
The move comes as a result of domestic political pressure from Norway’s left-wing party, and marks a major change in tone for the country.