TORONTO -- CI Financial Corp. says it's continuing to build its U.S. presence through the acquisition of a majority stake in One Capital Management, a registered investment adviser based in California.

The companies didn't announce the value of CI's investment or the size of its majority holding once the deal closes.

But Toronto-based CI Financial says One Capital's expertise in wealth management fits its plan of expanding and updating its wealth management advisory services.

Among other things, One Capital has specializations in family office, or ultra high-net-worth, services.

It also has a division focused on the needs of professional athletes and entertainers.

CI announced in November that it would acquire a majority interest in Surevest Wealth Management, a registered investment advisory firm based in Phoenix, Arizona.