Canadian wealth management company CI Financial Corp. announced Monday it has acquired a majority interest in One Capital Management, an investment advisory firm in Westlake Village. Financial terms of the deal were not disclosed.

One Capital manages about $1.6 billion in assets and specializes in family office services and those focused on the needs of professional athletes and entertainers. It also has a robust cross-border financing capability that Toronto-based CI will make available to its 300,000 Canadian family clients.

The acquisition is expected to close in the first quarter of 2020.

“CI Financial is an ideal partner as we embark on the next stage of our firm’s development,” said One Capital President Patrick Bowen in a statement. “CI provides financial strength, capabilities in operations and technology, and the experience and expertise developed in operating one of Canada’s largest wealth management firms. Most importantly, CI is fully committed to this market and to supporting our growth aspirations, which are based on a deep understanding of our clients and a marriage of investment management with advanced wealth planning.”

CI Chief Executive Kurt MacAlpine said in a statement that the transaction is part of the company’s push to build a U.S. presence by buying registered investment advisory firms, which are the fastest-growing segment of the U.S. wealth management industry.