This Week in Wealth Management Deals: May 3rd, 2021


    This week began with the agreement of Canadian series acquirer CI Financial to acquire a company valued at $ 2.4 billion. CI Financial affiliate Congress Wealth Management will acquire Pinnacle Advisory Group and increase its assets under management to $ 5.8 billion.

    Next, Creative Planning made a return to the M&A scene, announcing the acquisition of a Virginia-registered investment advisory firm with an AUM of $ 5 billion. Sullivan, Bruyette, Speros & Blayney, 30, will join Peter Mallouk’s national financial planning firm in the Washington, DC area.

    Eventually, despite a public battle for representation by a disappointed shareholder, Boston Private was able to secure majority shareholder approval to merge with Silicon Valley Bank’s parent company, SVB Financial.

    UBS continued to hire high-production teams this week. The company added a team of seven who managed $ 2 billion AUM in retail banking at its previous employer, Bank of America.

    Cetera helped a former MML regulatory agency set up an independent brokerage company on the Texas Gulf Coast. OSJ, Totus Wealth Management, expects AUM to bring $ 2.4 billion to its platform.

    Below are more mergers, acquisitions, and advisor moves that you may have missed in the week of May 3, 2021.

    Carolina Capital joins Buckingham Strategic Wealth

    Focus Financial Partners’ partner firm Buckingham Strategic Wealth has added Carolina Capital Consulting, an RIA based in Charlotte, NC. The 27-year-old company was founded by Brian Fenn and service professionals in the Charlotte area including business owners, healthcare professionals and executives. Focus Financial declined to disclose Carolina’s AUM.

    RBC added a $ 900M AUM team

    Meridian Group in Roanoke, Virginia left UBS, where it had $ 900 million in assets under management, to join RBC Wealth Management.

    Wells Fargo loses five consulting teams

    A team based in Casper, Wyo, holding $ 600 million in AUM, left Wells’ private banking unit for Ashton Thomas. A second Colorado-based team that managed $ 244 million AUM at Wells Fargo Advisors moved to DA Davidson & Co. The third team, NavaSync Private Wealth, also from Wells Fargo Advisors, which had $ 250 million -Dollar Managed, is based in Shrewsbury, New Jersey, and went independently with Sanctuary Wealth. The fourth team, the Heald Wealth Management Group in Wellesley, Massachusetts, which has managed $ 460 million, has left Wells for RBC Wealth Management. In Rochester, Minn., Jim Galkowski left Wells Fargo for Baird.

    LPL Financial adds Kraner and Platinum Wealth Advisors

    Kraner, a Montvale, New Jersey-based company with $ 200 million in client assets, has joined LPL Financial’s Independent Network of Advisors and Advisors (INC Advisors). The company was founded in 2010 by CEO and President Vladislav Zherenovsky and has employees across New Jersey and Iowa. Michael Cuttita of Bank of America, Merrill Lynch, also joined LPL, but through Gladstone Wealth Partners, where he managed $ 120 million in assets.

    $ 109M AUM Duo leaves Frontier Wealth for WealthSource

    Advisors David Baysinger and Kelly Elsensohn in Castle Rock, Colorado joined WealthSource from Frontier Wealth Management. Baysinger and Elsensohn manage $ 109 million with 44 clients, 29 of whom are wealthy families.

    Global Wealth Advisors is hiring Gerard Longo

    Global Wealth Advisors has hired Gerard Longo, formerly Oakmont Capital Management, to lead its new Pittsburgh, Pennsylvania office.

    Macquarie Group completes financial acquisition of Waddell & Reed

    Macquarie Asset Management, the asset management division of Macquarie Group, has completed the acquisition of the asset management business of Waddell & Reed. The company sold Waddell & Reed’s wealth management business to LPL Financial.

    CI Financial completes three acquisitions for $ 31 billion

    CI Financial completed transactions for Segall Bryant & Hamill, a Chicago company with an AUM of $ 23 billion; Barrett Asset Management, a New York company with $ 2.5 billion AUM; and Brightworth, an Atlanta-based AUM company with sales of $ 4.7 billion. CI’s US net worth rose to $ 70 billion and its total AUM rose to $ 280 billion.


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