This week in wealth management offers


    In the last week of July, business in asset management continued.

    Concurrent Advisors, a super regulatory agency of Raymond James Financial Services, took growth capital from Merchant Investment Management to help the company acquire minority interests in its partner firms.

    Nate Lenz, founding partner at Concurrent, said, “Through this structure, you are taking on an investment from Merchant and Concurrent; from there you still retain full operational control. “

    Hightower reappeared to promote his latest deal: Farr, Miller & Washington, an RIA led and founded by CNBC employee Michael Farr. The transaction will bring Hightower $ 2 billion in assets under management and three office locations, bringing its total assets to over $ 100 billion.

    Mariner Wealth Advisors followed up on announcing the acquisition of AdvicePeriod last week by announcing that it is buying the Channel Islands Group in California. The new company manages $ 277 million in client assets. The deal is expected to close in August.

    Raymond James Financial Services accelerated its M&A activity in the UK with the acquisition of 200-year-old public company Charles Stanley to add 200 advisors to its UK presence and $ 37.9 billion in client assets.

    Below are other offers you may have missed during the week of July 26th, 2021.

    New Mountain takes a minority stake in Homrich Berg

    Homrich Berg, an Atlanta-based RIA with $ 10 billion under management, accepted an investment from New Mountain Strategic Equity I, LP, a subsidiary of private equity firm New Mountain Capital. The capital increase supports ownership succession, business development and talent acquisition in the company.

    Insigneo is hiring former Merrill Lynch consultants

    Miami-based wealth management company Insigneo has hired advisor Jorge Sonville as a Managing Director in Miami. Sonville previously worked for Merrill Lynch, spent 27 years with the company and had approximately $ 2 billion in assets under management.

    Goss Advisors adds 14 new advisors

    Goss Advisors, a New Orleans-based RIA that manages $ 9.5 billion, recruited 14 advisors in seven states including New York, Ohio, Minnesota, New Jersey, Kansas, and Illinois.

    Truist Investment Services loses team to Linsco. by LPL

    Consultants Kyle Smith and Michael Sandlin came to LPL Financial through the Linsco employee consultant model. Smith and Sandlin came from Truist Investment Services, previously known as BB&T Scott & Strengfellow, where they managed $ 740 million.

    Ameriprise lures Kim Latimer from Merrill Lynch

    Ameriprise Financial has hired Kim Latimer, a former financial advisor to Merrill Lynch in Houston. Latimer had $ 211 million in client assets under management at the wirehouse.

    Jason White is moving to Carson Partners

    Jason White, CEO and Senior Advisor of Dynamic Legacy Planning in Greenfield, Indiana, joined Carson Partners as a network company. White’s team of five manages $ 55 million AUM.


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