Asset Management

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.

Kestra Financial Onboards $225 Million Boutique Advisory Firm Erudite Wealth Management

By Amit Chowdhry ● Sep 26, 2024

Industry-leading wealth management platform Kestra Financial announced the addition of Erudite Wealth Management, a full-service wealth management firm employing a proactive approach to serving clients through care and attention to detail.

Centel Wealth Advisory: $2.2 Billion Team Creates New Indepedent Firm

By Amit Chowdhry ● Sep 26, 2024

Centel Wealth Advisory announced the launch of its new independent advisory firm headquartered in North Haven, CT. Centel offers objective advice, tailored planning and comprehensive services to help individuals and institutions manage their complex and evolving needs, protect and grow wealth, and achieve their goals.

3650 REIT: $430 Million In Capital Commitments Raised

By Amit Chowdhry ● Sep 26, 2024

3650 REIT - a nationwide alternative lender, special servicer, and solutions provider focused on originating, servicing and asset-managing commercial real estate loans and providing fixed-income advisory support to global institutions - announced it has raised $430 million in capital commitments. These commitments were from Temasek, the California State Teachers’ Retirement System (CalSTRS). This funding will be deployed across 3650’s credit strategies.

LPL Financial Adds $655 Million Bury Financial Group

By Amit Chowdhry ● Sep 26, 2024

LPL Financial announced that the advisors with Bury Financial Group had joined LPL Financial’s broker-dealer, RIA, and custodial platforms. They reported serving about $655 million in advisory and retirement plan assets and joining LPL from Osaic.

Kestra Financial Brings In $200+ Million SZC Team

By Amit Chowdhry ● Sep 26, 2024

Kestra Financial, an industry-leading wealth management platform, announced the onboarding of SZC Financial Planning & Management (SZC Financial), a firm dedicated to providing personalized and high-touch service.

Raymond James Brings In $1 Billion Utah-Based Advisor Team

By Amit Chowdhry ● Sep 26, 2024

Raymond James announced it has welcomed financial advisors Jaden Gurney, Trevor Hanson and Jonathan Rogers to Raymond James Financial Services (RJFS) – which is the firm’s independent advisor channel – as revealed by Bill Counsman, Western division director for RJFS.

Wilde Wealth Management: $400 Million Asset Manager Drew Kliber Joins

By Amit Chowdhry ● Sep 26, 2024

Cetera Financial Group, a premier financial advisor Wealth Hub, announced that Wilde Wealth Management Group (Wilde Wealth), an independent wealth management firm that is one of the largest businesses within the Cetera Advisors community, has appointed Drew Kliber to lead its newly formed W Family Office Division. Kliber, who oversaw nearly $400 million in assets, as of September 1, 2024, joins Wilde Wealth from UBS.

Cetera Brings In $269 Million FA George Elkin

By Amit Chowdhry ● Sep 26, 2024

Cetera Financial Group, a premier financial advisor Wealth Hub, announced that advisor George Elkin has joined Cetera Advisor Networks via North Ridge Wealth Planning LLC with his nephew, Josh Elkin. And George and Josh, who provide comprehensive financial planning and investment advice to clients and have $269 million in assets under administration as of June 20, 2024, have joined Cetera from American Portfolios (an Osaic company).

Raymond James Brings In $112 Million FA Terry Medley

By Amit Chowdhry ● Sep 26, 2024

Raymond James has welcomed financial advisor Terrence “Terry” Medley to Raymond James & Associates (RJA) – the firm's employee advisor channel – in San Jose, California, as revealed by John Simmons, California regional director for RJA.

LPL Financial Brings In $300 Million Bindra Group Team

By Amit Chowdhry ● Sep 26, 2024

LPL Financial announced that financial advisors Kultar S. “Sid” Bindra, CFP, and Steven Alvarez have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch The Bindra Group. And they reported serving approximately $300 million in advisory, brokerage and retirement plan assets and join LPL from Truist Financial.

ICG: North American Credit Partners Fund III Closed At $1.9 Billion

By Amit Chowdhry ● Sep 26, 2024

ICG - a global alternative asset manager - announced the completion of fundraising for its North American Credit Partners Fund III (NACP III), following strong demand from a global group of new and existing investors.

Advisory-Focused Investment Bank PJT Partners Buying deNovo Partners

By Amit Chowdhry ● Sep 25, 2024

PJT Partners has agreed to acquire deNovo Partners, a leading advisory firm focused on the Middle East and based in Dubai. This deal builds on the highly successful strategic alliance PJT Partners and deNovo entered into in 2020.

True North Advisors Acquires $470 Million Clear Rock Advisors Team

By Amit Chowdhry ● Sep 25, 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 approximately $470 million in AUM with offices in Dallas, Austin, and Kerrville, Texas.

Castlelake Selling $5 Billion Aircraft Portfolio To Avolon

By Amit Chowdhry ● Sep 24, 2024

Global alternative investment manager Castlelake announced it has entered into a sale-purchase agreement with leading global aviation finance company Avolon to sell a $5 billion, 118-aircraft portfolio held by Castlelake Aviation Limited (CA Ltd.).

Kestra Financial Improving Alternative Investment Offerings Through iCapital Expansion

By Amit Chowdhry ● Sep 24, 2024

Kestra Financial, a leading wealth management platform, announced the improvement of its alternative investment offerings through an expansion of its strategic partnership with iCapital. This partnership will deliver greater value to Kestra Financial advisors and their clients as they access alternative investments through iCapital’s technology platform.

EP Wealth Advisors Acquires $1.1 Billion CornerCap Investment Counsel Team

By Amit Chowdhry ● Sep 24, 2024

EP Wealth Advisors - a leading fee-only registered investment adviser (RIA) with an expanding national footprint and client base - announced it has acquired Atlanta-based CornerCap Investment Counsel. This partnership added nearly $1.1 billion to EP Wealth’s assets under management (AUM).

Viola Credit: $500 Million Strategic JV Signed With Cadma Capital Partners

By Amit Chowdhry ● Sep 24, 2024

Viola Credit, a global asset manager focused on providing asset-based lending solutions to the innovation economy, announced a strategic joint venture with Cadma Capital Partners. an affiliate of Apollo Global Management that specializes in financing solutions for high-growth technology companies and the investment firms that sponsor them.

Wilde Wealth Management: $400 Million Advisor Drew Kliber Hired To Lead New Family Office Division

By Amit Chowdhry ● Sep 21, 2024

Cetera Financial Group announced that Wilde Wealth Management Group, an independent wealth management firm within the Cetera Advisors community, appointed Drew Kliber to lead its newly formed W Family Office Division.

Charles D. Hyman: Strategic Investment Raised From Hightower

By Amit Chowdhry ● Sep 21, 2024

Hightower announced that the firm had made a strategic investment in Charles D. Hyman & Company, a wealth management practice located in Ponte Vedra Beach, FL, with $2.3 billion in assets under management. And Charles D. Hyman & Co. manages assets for individuals, families, trusts, charitable interests, and foundations.

LPL Financial Brings In $700 Million BrookBridge Private Wealth Team

By Amit Chowdhry ● Sep 19, 2024

LPL Financial announced that private client advisor John Duane and portfolio manager Gregory Giantsos have joined LPL Financial’s high-net-worth-focused employee affiliation model, LPL Private Wealth Management, to launch BrookBridge Private Wealth based in Long Island, New York. The team reported having served approximately $700 million in advisory, brokerage, and retirement plan assets and joining LPL from Bank of America Private Bank.

LPL Brings In $650 Million Apex Private Wealth Advisors Team

By Amit Chowdhry ● Sep 19, 2024

LPL Financial announced that financial advisors Brett Howard, CTFA, AAMS, APMA, CRPC, Marco Rivera, APMA, Brooks Crissey, CFP, APMA, Henry “Hank” DesJardins, and Ryan Mason had joined LPL Financial’s broker-dealer, RIA, and custodial platforms. And they reported serving about $650 million in advisory, brokerage, and retirement plan assets and join LPL from Ameriprise Financial.

SEI: $1.5 Trillion in Alternative Assets Under Administration Surpassed

By Amit Chowdhry ● Sep 19, 2024

SEI announced that it exceeded $1.5 trillion in alternative assets under administration in its Investment Managers business, which services private equity, private credit, venture capital, hedge, real estate, and infrastructure funds. And as the largest private credit fund administrator by assets globally, SEI's clients include 43 of the top 100 largest investment managers.

Wealthspire Advisors Brings In Judith Heft & Associates Team

By Amit Chowdhry ● Sep 16, 2024

Wealthspire Holdings, the parent company of Wealthspire Advisors, an NFP company and top-ranked independent registered investment advisor (RIA), announced the acquisition of Judith Heft & Associates, which is a women-owned firm that provides high-touch lifestyle and bill pay services to affluent clients and their families.

Cresset: Amy Hong Named As Chief Compliance Officer

By Amit Chowdhry ● Sep 13, 2024

Cresset announced that it has hired Amy Hong as Chief Compliance Officer and Executive Managing Director. And Hong succeeds Bob Pagliuco, who announced his retirement after serving as Cresset's Chief Compliance Officer since 2018.