Asset Management

Raymond James Absorbs $250 Million Central Florida-Based Veteran Advisor Team

By Amit Chowdhry ● Jul 2, 2024

Raymond James announced it welcomed financial advisor Anthony Losh, CFP, CRPCTM, CRPSTM, to the firm's employee advisor channel Raymond James & Associates (RJA) in Stuart, Florida. This was revealed by Tom Walrond, Eastern division director for RJA.

LPL Brings In $160 Million Virginia-Based Advisory Team

By Amit Chowdhry ● Jul 2, 2024

LPL Financial announced that financial advisor W. Scott Hengerer, CMFC, CRPC, has joined LPL Financial’s broker-dealer, RIA and custodial platforms to launch a new independent practice called James River Private Wealth. And he reported serving approximately $160 million in advisory, brokerage and retirement plan assets and joins LPL from Ameriprise.

AssetMark Buying $12 Billion In Assets From Morningstar Wealth

By Amit Chowdhry ● Jul 2, 2024

Wealth management platform AssetMark (a wholly owned subsidiary of AssetMark Financial Holdings and a Registered Investment Adviser) announced a strategic alliance with Morningstar Wealth (a division of independent investing insights firm Morningstar).

Baldwin Brothers Buys Assets Of KLR Investment Advisors

By Amit Chowdhry ● Jul 2, 2024

Baldwin Brothers, a fifty-year legacy wealth and investment management firm based in southeastern Massachusetts with just under $2.3 billion of assets under management, announced the acquisition of the assets of KLR Investment Advisors, an elite wealth management firm based out of Providence, Rhode Island.

PPM America: Thirteenth CLO Closed At $401 Million

By Amit Chowdhry ● Jun 30, 2024

PPM America announced the closing of PPM CLO 7 Ltd. (CLO 7). And CLO 7 has 16 unique investors, seven of which are new to PPM, and a deal size of $401 million. It is PPM’s seventh CLO closed since the firm re-entered the CLO market in 2018 and the thirteenth CLO closed in the firm’s history.

H.I.G. Capital: $1.3 Billion Raised For Infrastructure Fund

By Amit Chowdhry ● Jun 28, 2024

H.I.G. Capital, a global alternative asset management firm with $64 billion of capital under management, announced the closing of H.I.G. Infrastructure Partners. This fund closed with aggregate capital commitments of approximately $1.3 billion.

HPS Investment Partners: Over $21 Billion Raised For Specialty Loan Fund VI

By Amit Chowdhry ● Jun 26, 2024

HPS Investment Partners, a leading global credit investment firm with about $114 billion of assets under management (AUM), announced the final close of Specialty Loan Fund VI (SLF VI), with $21.1 billion in investable capital.

Allworth Financial Acquires $220 Million Del Monte Group

By Amit Chowdhry ● Jun 24, 2024

Allworth Financial announced it has acquired Northern California-based Del Monte Group - which brings the firm to 18 California locations and 42 offices nationwide. The financial terms of the agreement were not disclosed.

Wealth Enhancement Group Acquires $219 Million RIA Atlas Fiduciary Financial

By Amit Chowdhry ● Jun 24, 2024

Wealth Enhancement Group, a national independent wealth management firm with $85 billion in client assets, announced it acquired Atlas Fiduciary Financial, an independent RIA with two offices in Sarasota, Florida and Oakland, New Jersey.

NewEdge Advisors Brings In $540 Million RIA Team Stonebridge Financial Partners Of Michigan

By Amit Chowdhry ● Jun 24, 2024

NewEdge Advisors, a leading New Orleans-based RIA supporting successful independent financial advisors nationwide, announced that Stonebridge Financial Partners, a Michigan-based team, has joined the firm from Carson Wealth where they were overseeing approximately $540 million in client assets.

LPL Financial Adds $250 Million Russell Wealth Partners Team

By Amit Chowdhry ● Jun 24, 2024

LPL Financial announced that financial advisor Tom Russell, CFP, and his sons Brian Russell and Charles Russell have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch Russell Wealth Partners. And the family team reported serving approximately $250 million in advisory, brokerage and retirement plan assets and joins LPL from Merrill Lynch. They will operate out of the Linsco suite at LPL’s San Diego campus.

Fisher Investments Sells Minority Stake At $12.75 Billion Valuation

By Amit Chowdhry ● Jun 23, 2024

Fisher Investments (FI) announced that Advent International and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) have agreed to make a minority investment in Ken Fisher’s namesake firm Fisher Investments. This investment by Advent and ADIA of at least $2.5 billion and up to $3 billion values FI at $12.75 billion.

Equitable Advisors Brings In $326 Million Team

By Amit Chowdhry ● Jun 23, 2024

Equitable, a leading financial services organization and principal franchise of Equitable Holdings announced that Lori Brown and Jim Carroll have joined its wealth management business, Equitable Advisors.

Summit Trail Expands Nationally With Addition Of $3 Billion Key Client Group

By Amit Chowdhry ● Jun 23, 2024

Summit Trail Advisors, a leading boutique wealth management firm with $18 billion in client assets, announced the addition of the former Key Client Group of BNP Paribas/Bank of the West to its roster of professionals, serving ultra-high net worth (UHNW) individuals, families, and institutions nationwide.

Arax Investment Partners Buys $1.7 Billion RIA SRS Capital Advisors

By Amit Chowdhry ● Jun 23, 2024

Arax Investment Partners, a premier wealth management platform company backed by RedBird Capital Partners, announced the addition of SRS Capital Advisors, an established Registered Investment Advisor (RIA) to the company’s multi-partner wealth management platform.

Antares Capital Closes Third BSL CLO At $400 Million

By Amit Chowdhry ● Jun 23, 2024

Antares Capital, a leading alternative asset manager with over $68 billion in assets under management and administration, announced the closing of the firm’s third broadly syndicated loan (BSL) collateralized loan obligation (CLO), Orion CLO 2024-3, totaling $400 million.

Raymond James: $115 Million New Mexico-Based Advisor Joins

By Amit Chowdhry ● Jun 17, 2024

Kirk Bell, Central division director for Raymond James Financial Services (RJFS), announced financial advisor Devona Benavidez, CFP, CDFA to RJFS - which is an independent advisor channel. Benavidez joins the team at ZeroThreeSixty Wealth Partners in Albuquerque, New Mexico, along with branch associates Mackenzie Merony and Jacqueline Martinez.

LPL Adds $275 Million Lifetime Legacy Wealth Solutions Team

By Amit Chowdhry ● Jun 17, 2024

LPL Financial announced that financial advisor David Hilbig, CFP, has joined LPL Financial’s broker-dealer, RIA and custodial platforms. He reported serving approximately $275 million in advisory, brokerage, and retirement plan assets and joined LPL from Corebridge Financial, formerly Valic (a subsidiary of AIG). Hilbig lives in The Woodlands, Texas, area and maintains a registered office in Mundelein, Illinois, he has over 20 years of experience crafting personalized financial strategies tailored to each client's unique needs and aspirations. And he takes a holistic approach to financial planning, encompassing areas such as wealth management, retirement planning, investment advisory, and risk management.

Kestra Financial Brings In $400 Million Lodi Wealth Team

By Amit Chowdhry ● Jun 17, 2024

Kestra Financial, a leading wealth management platform, announced the onboarding of wealth management firm Lodi Wealth Advisors. Since its founding in Westchester County, New York, Lodi Wealth Advisors has prioritized serving clients and helping them achieve their financial, business, and life goals. The firm features a dedicated advisor duo that works diligently to provide a white-glove experience for its high-net-worth clientele, including the development of bespoke portfolios.

LPL: $300 Million Advisor Duo Team Launches 1818 Wealth Management

By Amit Chowdhry ● Jun 17, 2024

LPL Financial announced that financial advisors Stephen Shevlin and Jonathan Joelner, MBA, have joined LPL Financial’s broker-dealer, RIA and custodial platforms to launch a new independent practice 1818 Wealth Management. And the team reported having served about $300 million in advisory, brokerage and retirement plan assets* and joins LPL from Stifel, Nicolaus and Co.

J.P. Morgan Private Capital: Inaugural Biotechnology Fund Closed At Over $500 Million

By Amit Chowdhry ● Jun 16, 2024

J.P. Morgan Private Capital (a venture capital and growth equity investment team within J.P. Morgan Asset Management) announced the final closing of the first Life Sciences Private Capital offering, 270 Life Sciences Private Capital Fund I, led by Chief Investment Officer Stephen Squinto, Ph.D. and Managing Partner Gaurav Gupta, M.D., M.S.E.

Wealthspire Advisors: Michael Santo Named As Managing Director And Advisor

By Amit Chowdhry ● Jun 15, 2024

Wealthspire Advisors (an NFP company and independent investment adviser) announced the addition of industry veteran and portfolio manager Michael J. Santo to the team. Santo, who oversaw portfolios for public company executives, business owners, philanthropic organizations, and multigenerational households in prior roles, joins the firm in both its New York and South Florida markets and brings decades of experience serving high net worth clients.

Sequoia Financial Group: Chris Thom Named As Chief Strategy And Partnerships Officer

By Amit Chowdhry ● Jun 15, 2024

Akron, Ohio-based Sequoia Financial Group, a leading SEC-registered wealth manager with over $18 billion in assets under management as of March 31, 2024, has hired Chris Thom, CFP, as chief strategy and partnerships officer. And Thom is a member of the executive committee while reporting to Tom Haught, CEO and founder of Sequoia Financial Group.

Alteri Wealth Launches In California By Over $1 Billion Team

By Amit Chowdhry ● Jun 15, 2024

Alteri Wealth co-founders Michelle Gruber and Alex Markowitz announced the official launch of their firm, which is an SEC-registered investment Advisory and wealth management team based in Westlake Village, California. Before founding the new firm, the two principals, along with Senior Vice President Matthew Mullaly, collectively worked at Merrill Lynch Wealth Management, where they oversaw over $1 billion in client assets.