Miracle Mile merges with $ 375 million Long Island company

    0
    18


    Los Angeles-based registered investment advisor, Miracle Mile Advisors, has partnered with Castle Asset Management, a Hauppauge, NY-based company with $ 375 million in client assets. The transaction represents Miracle Mile’s first East Coast office and brings total assets under management to $ 3 billion.

    Castle Asset Management, led by owner John Caffrey, specializes in financial, tax and estate planning for its Long Island clientele. The partnership with Miracle Mile gave Castle access to a broader operational infrastructure and succession plan for Caffrey across the board, said Duncan Rolph, managing partner at Miracle Mile, whose advisors are primarily the next generation. Caffrey will initially work as a consultant in the firm.

    Miracle Mile has grown rapidly in the past five to eight years from three employees and one office in Los Angeles to nearly 50 employees in five offices. Rolph said his firm aims to differentiate itself from other M&A partners out there, such as large corporate RIAs and private equity or funded platforms.

    “A lot of companies don’t want to be merged into one giant corporation or don’t want to be indebted to a bunch of Wall Street investors who have their own plans,” he said. “Our company has proven to be one of those very attractive options for those companies that don’t want option A or B.”

    Rolph also argues that Miracle Mile is a “true operational partner” that provides merging consultants with a more flexible model for employees to work with.

    “We’ve invested a lot of money, time, and energy building this infrastructure, so we have a lot of customization options unlike corporate RIAs who do it their way or their way. and the funded platforms that are more focused on increasing investment returns than becoming an operational partner for many of these people, ”he said.

    The news comes just about a month after Miracle Mile merged with Johnstone Financial Advisors in Lake Oswego, Oregon.

    Last December, Merchant Investment Management, a New York-based private partnership that provides assistance to independent financial services firms including RIAs, growth capital, and others, made a minority stake in Miracle Mile.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here