This Week in Wealth Management Deals: May 17-21 May 2021


    There was a light flow of business announcements in mid-May. This does not mean that no business has been done yet.

    According to Echelon Partners, an investment bank and M&A advisory firm, 18 transactions were made in the registered area for investment advisers in May. The biggest deal still goes to the takeover of Dowling & Yahnke by CI Financial. DeVoe & Company tracked about 12 deals this month, saying May is well on its way to beating February, March and April with nine days left.

    Among this week’s more notable offers, Rockefeller Capital Management raised another billion dollar team, this one from UBS. Knowlton, Knowlton & Larsen created Rockefeller’s first Boston-based private wealth team.

    Edelman Financial Engines announced its first acquisition since the 2018 merger. RIA acquired $ 270 billion in assets under management from Viridian Advisors of Bothell, Washington, bringing $ 846 million in assets and a team of tax specialists to its platform.

    Newly formed Sanctuary Global, the international company of Sanctuary Wealth, a registered investment advisor based in Indianapolis, recruited former tennis pro Rodolfo «Rudy» Rake from Morgan Stanley to its Miami office.

    Below are more mergers, acquisitions, and advisor moves that you may have missed in the week of May 17, 2021.

    UBS adds $ 1.8B team from JP Morgan

    UBS Private Wealth recruited Fort Worth, Texas-based advisors John Farrell and Joel East from JP Morgan’s private banking division. The duo managed $ 1.8 billion in client assets for their high net worth clients.

    RevolutionX joins Arkadios Capital

    Frank Hanna’s Berwyn, Pennsylvania-based RevolutionX, which managed $ 400 million in client assets, joined Arkadios Capital, an Atlanta-based independent broker / dealer with $ 4.25 billion in assets. Dollars managed. Hanna came from Lincoln Financial Advisors.

    Sanctuary Wealth adds Harbor Asset Private Wealth

    Harbor Asset Private Wealth has joined the Sanctuary Wealth independent partner network. The Greenwich, Connecticut-based company advised $ 280 million in client assets with former employer Morgan Stanley.

    GCG Wealth Management Completes Acquisition of Cooper Investment Company

    GCG Wealth Management completed the purchase of Cooper Investment Company, a 50 year old company run by second generation owner Thomas Greg Cooper. Cooper Investment advised on assets under management of $ 270 million.

    Three consultants are leaving UBS and joining LPL Financial

    Consultants Gena Barbato, Beth Woodward and Daniel Kundla joined LPL Financial from UBS Financial Services. The Atlanta-based team managed $ 215 million in AUM and joined through Gladstone Wealth Partners.

    Lionheart Wealth Management joins Ameriprise

    Lionheart Wealth Management, a New York City consulting practice that manages nearly $ 200 million in client assets, joined Ameriprise Financial from AXA Advisors. The firm is led by consultant Anthony DeAngelo and includes consultants Frank D’Erasmo and Samuel Dicocco.

    Gold Family Wealth becomes a partner of Carson Partner

    Gold Family Wealth, a Westport, Connecticut-run company led by Daniel Armas, moved its practice to Carson Partners. Armas manages approximately $ 172 million in AUM and recently opened a second store in Red Bank, New Jersey. He joined Carson Partners from Vanderbilt Financial Group.

    The advisory group picks up a team of three from Waddell & Reed

    Azose Johnson & Associates’ financial advisors Maynard Azose and Amanda Johnson transferred their practice from Waddell & Reed’s wealth business recently acquired by LPL Financial to Royal Alliance, an IBD Advisor Group subsidiary. The team managed client assets totaling $ 168 million.

    Talisman Wealth Advisors starts with LPL Financial

    Jennifer Kirby and Frank Granizo, formerly at Merrill Lynch, where they managed $ 150 million in advisory assets, started their RIA at LPL Financial.

    Eriksen Financial Affiliates with Prospera Financial Services

    Eriksen Financial, of Clarkston, Michigan, joined Prospera Financial Services. The company has $ 115 million in assets under management and joins the RIA Summit Financial Group and IBD Cetera Advisor Networks.

    Dejar respuesta

    Please enter your comment!
    Please enter your name here