Asset Management

Equitable Brings In $500+ Million Traverse City-Based Team

By Amit Chowdhry ● Sep 30, 2024

Equitable, a leading financial services organization and principal franchise of Equitable Holdings announced that Mark and Jeff Spencer, a father-son team, Jerome Hartl, CMT, and Kirt Kilbourne have joined its wealth management business, Equitable Advisors. This group of experienced advisors moved their practices from Wedbush Securities, where they managed more than $500 million in combined client assets. Based out of Traverse City, Michigan, the advisors were drawn to Equitable Advisors for its independence model and technology capabilities that enhance the client experience.

Summit Financial Onboards Teams Representing $470 Million In Assets

By Amit Chowdhry ● Sep 30, 2024

Summit Financial - an investment advisory firm with over 40 years of experience offering market-leading, multi-family office services that empower financial advisors to accelerate growth, announced that advisors from two firms, BFG Wealth and Canon Capital Wealth Management have joined Summit.

LPL Financial Brings In $400 Million 57th Street Wealth Advisors Team

By Amit Chowdhry ● Sep 30, 2024

LPL Financial announced that financial advisors Ken Hutkin and Ron Winkler have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch 57th Street Wealth Advisors. And they reported serving approximately $400 million in advisory, brokerage and retirement plan assets* and join LPL from Wedbush Securities. They will operate the first Linsco office in New York City.

The Retirement Planning Group Brings In $185 Million Parrott Wealth Team

By Amit Chowdhry ● Sep 30, 2024

Cetera Holdings, the parent company of Cetera Financial Group (the premier financial advisor Wealth Hub), announced that Cetera's employee-based RIA, The Retirement Planning Group (TRPG), has acquired Parrott Wealth Management.

LPL Financial Onboards $150 Million GreenPoint Wealth Management Team

By Amit Chowdhry ● Sep 30, 2024

LPL Financial announced that financial advisors Jeff Minucci, CFP, and David Ryzman, CFP, have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported having served approximately $150 million in advisory, brokerage, and retirement plan assets and joined LPL from Osaic.

Aegis Consulting Onboards $600 Million Commonwealth Team

By Amit Chowdhry ● Sep 30, 2024

Commonwealth Financial Network, a national firm dedicated in providing financial advisors with integrated business solutions has welcomed Jacksonville, Florida-based Aegis Consulting to its network of affiliated advisors in 2023. And 18 months later, Aegis nearly doubled its client assets to nearly $2 billion and has grown its advisor team from 9 to 17, including its newest additions, Mark O’Sickey and Paul Solorzano, CFP.

Kingswood U.S. Onboards $1 Billion Advisory Firm Eudaimonia And 17 Advisors

By Amit Chowdhry ● Sep 29, 2024

Kingswood U.S., part of a network of independent wealth management firms that oversees more than $15 billion in client assets globally, announced the acquisition of Nashville, Tennessee-based Eudaimonia Partners and Eudaimonia Advisors. It also entered a strategic alliance with Eudaimonia Asset Management, a turnkey asset management-based RIA. The three RIAs under the Eudaimonia Group collectively represent more than $1 billion in total client assets.

Carson Wealth Expands Presence In Montana Through Partnership With True North Financial

By Amit Chowdhry ● Sep 29, 2024

Carson Wealth has announced the expansion of its Montana presence through a strategic partnership with Billings-based True North Financial (now known as Carson Wealth | True North Financial). This collaboration establishes Carson's second Billings location. This six-person team, led by managing partner and wealth advisor Ty Vogele, and wealth advisors David Guenthner, CEPA and Ryan Wittman, AIF, manages $400+ million in assets.

Gries Financial Partners Names Carina Diamond As Chief Growth Officer

By Amit Chowdhry ● Sep 29, 2024

Gries Financial Partners, a registered investment advisor (RIA) with about $1.7 billion in assets under management (AUM) and advisement (AUA) specializing in delivering differentiated, customized wealth management solutions for high-net-worth individuals and institutional investors, announced it hired Carina Diamond as Chief Growth Officer.

Citi And Apollo Form $25 Billion Private Credit / Direct Lending Program

By Amit Chowdhry ● Sep 29, 2024

Citigroup and Apollo announced that they have entered into an exclusive agreement to form a landmark $25 billion private credit / direct lending program initially in North America, with the potential to expand to additional geographies. This program will include participation from Mubadala Investment Company, Apollo’s strategic partner, and Apollo’s subsidiary, Athene, who will have the opportunity to join commitments appropriate for their respective mandates.

CenterSquare Names Robert Glenn III As Managing Director Of Capital Markets

By Amit Chowdhry ● Sep 29, 2024

Leading global real assets manager CenterSquare Investment Management announced hiring Robert (BJ) Glenn III as a Managing Director in the firm’s Capital Markets group. Within this role, BJ will lead business development and fundraising efforts for CenterSquare’s public and private real estate investment strategies across the Southeastern United States and other global regions. BJ brings significant industry connections and meaningful real-asset product experience.

NewEdge Advisors Onboards $318 Million BFS Advisory Group

By Amit Chowdhry ● Sep 29, 2024

NewEdge Advisors - a leading New Orleans-based RIA supporting independent financial advisors nationwide - announced that Dallas-based BFS Advisory Group joined the firm from Osaic, where the team was overseeing approximately $318 million in client assets.

Franklin BSP Realty Trust: $1.024 Billion CRE CLO Closed

By Amit Chowdhry ● Sep 28, 2024

Franklin BSP Realty Trust announced the closing of BSPRT 2024-FL11 (FL11), a $1.024 billion managed Commercial Real Estate Collateralized Loan Obligation. FL11 has a 36-month reinvestment period and includes a $100 million all-multifamily 180-day ramp-up acquisition period.

Custom Portfolio Group Joining Transform Wealth

By Amit Chowdhry ● Sep 28, 2024

Focus Financial Partners - a leading partnership of fiduciary wealth management and related financial services firms - announced that it has entered into a definitive agreement under which Custom Portfolio Group (CPG) will formally join Focus partner firm Transform Wealth.

Avantax Buys SEP Financial Services From Stephen Plain

By Amit Chowdhry ● Sep 28, 2024

Avantax—a unique community within Cetera Holdings and a leader in tax-focused financial planning and wealth management—announced it acquired SEP Financial Services. The company was founded by veteran independent financial advisor Stephen E. Plain, who has been affiliated with Avantax for 25 years.

Hartree Partners: $4.1 Billion Credit Facility Closed

By Amit Chowdhry ● Sep 28, 2024

Hartree Partners announced the closing of its core senior secured borrowing base revolving credit facility on September 4, 2024, totaling $4.1 billion. And the $4.1 billion credit facility, comprised of a $2.05 billion two-year tranche and a $2.05 billion three-year tranche, also includes an accordion feature to increase the facility to $4.6 billion to support the company’s liquidity needs and future growth. A diverse group of 22 banks participated in the facility, including six new banks.

True North Advisors Onboards $470 Million Clear Rock Advisors Team

By Amit Chowdhry ● Sep 27, 2024

True North Advisors, a Texas-based registered investment adviser (RIA) with $3.9 billion in Assets Under Management (AUM) has acquired Clear Rock Advisors, a wealth management and investment firm managing about $470 million in AUM, with offices in Dallas, Austin, and Kerrville, Texas.