Asset Management

CalSTRS: Scott Chan Named As Chief Investment Officer

By Amit Chowdhry ● May 20, 2024

The California State Teachers' Retirement System (the world's largest educator-only pension fund) announced the selection of Scott Chan as chief investment officer (CIO).

Cardinal Point Merging With GAVIN Hockey Wealth Specialists

By Amit Chowdhry ● May 20, 2024

Cardinal Point Wealth Management, an independent cross-border wealth management firm with offices in the US and Canada, announced that GMG Private Counsel ULC (part of the GAVIN Hockey Wealth Specialists group) will combine with CPWM on or about June 1, 2024 to provide expanded financial planning, wealth management, investment and related services to active and retired professional athletes through CPWM.

Garnett Station Partners Names Jordan Garay As Partner

By Amit Chowdhry ● May 20, 2024

Garnett Station Partners, a NY-based principal investment firm managing over $2.3 billion in assets, announced the promotion of Jordan Garay to Partner. Since joining Garnett Station in 2016 as an Associate, Garay has been integral to the firm’s growth and value creation.

Principal Buying ESOP Business From Ascensus

By Amit Chowdhry ● May 20, 2024

Principal Financial Group announced a definitive agreement with Ascensus to acquire its employee stock ownership plan (ESOP) business. At the deal's closing, Principal will add about 800 plans and over 165,000 participants to its workplace savings and retirement solutions business, which ranks as the number one ESOP service provider in the U.S.

Avantax Acquiring $400 Million Wealth Management Firm GA Investment Management

By Amit Chowdhry ● May 20, 2024

Avantax, a tax-focused financial planning and wealth management leader, announced it has acquired GA Investment Management (GA). This Pennsylvania-based wealth management firm was not previously affiliated with Avantax. Since closing the acquisition, $400 million in GA client assets have been onboarded to the Avantax platform, and 10 GA employees are now W-2 employees of Avantax.

Cetera Reveals Multiple Key Hires In Advisory Business

By Amit Chowdhry ● May 20, 2024

Cetera Financial Group, a premier financial advisor Wealth Hub, announced that it has expanded its investment in advisory solutions with several key hires.

Concurrent Brings In $500 Million Advisory Team

By Amit Chowdhry ● May 20, 2024

Multi-custodial hybrid RIA Concurrent Investment Advisors announced it welcomed The Wealth Stewards to its growing network of aligned independent financial advisory firms. Jeff Breese and Brent Mekosh, managing partners of The Wealth Stewards, have merged their two Arizona-based practices to move to the Concurrent platform. And they chose Concurrent to provide operational support and growth capital as their team of nine professionals enters the RIA space.

Raymond James: $900 Million Advisor Team Brought Into Florida

By Amit Chowdhry ● May 20, 2024

Raymond James’ Florida regional director for the firm's employee advisor channel Raymond James & Associates (RJA), Tim Killgoar, announced that they have welcomed the team of four financial advisors and three branch professionals at Lelekis, Ellis, Kilczewski Private Wealth Management Group of Raymond James to RJA in St. Petersburg, Florida.

LPL Financial Brings In $215 Million Financial Advisor Team

By Amit Chowdhry ● May 19, 2024

LPL Financial announced that financial advisor Tara Blair, CFP, CPA, has joined LPL Financial’s broker-dealer, RIA and custodial platforms. And she reported serving approximately $215 million in advisory, brokerage and retirement plan assets and joins LPL from Lincoln Financial.

Vanguard Names Salim Ramji As New CEO

By Amit Chowdhry ● May 19, 2024

Vanguard announced that its Board of Directors has named Salim Ramji, a longtime financial services executive, as the company’s new Chief Executive Officer and a member of the Board, effective July 8, 2024. Ramji succeeds Tim Buckley, who will retire and step down as Chairman and CEO.

Mercer Advisors: Martine Lellis Transitions To M&A Partner Development

By Amit Chowdhry ● May 19, 2024

Mercer Global Advisors, a national Registered Investment Adviser (RIA) firm, announced the move of Martine Lellis, Chief Talent Officer since 2020, to a newly created Principal, M&A Partner Development role.

LPL Financial: $280 Million Noble Traditions Wealth Team Joins

By Amit Chowdhry ● May 19, 2024

LPL Financial announced that financial advisor Garrett Oczachowski has joined LPL Financial’s broker-dealer, RIA and custodial platforms. And he reported serving approximately $280 million in advisory, brokerage and retirement plan assets and joins LPL from JPMorgan Chase.

Raymond James Launches New Private Credit Business

By Amit Chowdhry ● May 19, 2024

Raymond James announced it is expanding the capabilities of its Investment Banking division by partnering with Eldridge Industries and Raymond James Bank to provide private credit solutions to sponsor-backed portfolio companies in four primary sectors: Consumer, Diversified Industrials, Healthcare and Technology & Services. Raymond James has also hired credit industry veteran Omer Masud as head of sponsor finance origination to launch the firm’s Private Credit effort.

Goldman Sachs Asset Management Named As Outsourced CIO For UPS’ $43.4 Billion Pension Portfolios

By Amit Chowdhry ● May 18, 2024

Goldman Sachs Asset Management announced its appointment by the UPS pension plan fiduciaries to provide investment management services for UPS’s US and Canadian-defined benefit pension plan assets. And UPS’s North American pension plans have a combined $43.4 billion in assets as of March 31, 2024.

Avenue Capital Group: Over $1 Billion In Commitments Closed

By Amit Chowdhry ● May 18, 2024

Avenue Capital Group announced the successful final closing of the Avenue Europe Special Situations Fund V (Avenue Europe Fund). With separately managed accounts, over $1 billion of commitments have been raised for the Avenue Europe Fund from a broad range of existing and new investors, including public and corporate pension plans, sovereign wealth funds, asset managers, and family offices.

DayMark Wealth Partners Brings In $585 Million Hofstetter Baron Group

By Amit Chowdhry ● May 18, 2024

Ohio-based DayMark Wealth Partners announced that veteran financial advisors Thomas Hofstetter and Daniel Baron have joined the firm as the Hofstetter Baron Group of DayMark Wealth Partners. Previously a Wells Fargo Advisors team managing $585 million, Southport, Connecticut-based Hofstetter Baron Group advises high net worth families and individuals.

Wealthspire Advisors Acquiring $420 Million Walden Wealth Partners Team

By Amit Chowdhry ● May 18, 2024

Wealthspire Advisors (an NFP company and independent registered investment advisor firm headquartered in NYC) announced that it has entered an agreement to acquire Walden Wealth Partners (a registered investment advisor firm located in Beachwood, Ohio). And its founders, Karin Maloney Stifler and Sarah Hannibal, each bring decades of experience serving multigenerational clients.

CION Ares Diversified Credit Fund Achieves $5 Billion In AUM Milestone

By Amit Chowdhry ● May 18, 2024

CION Ares Management (CAM), a joint venture between affiliates of CION Investments, a leading manager and distributor of alternative investment solutions for individual investors, and Ares Management Corporation, a leading global alternative investment manager, announced that the CION Ares Diversified Credit Fund (CADC) recently surpassed $5 billion in total assets under management.

Bailey & Company Names Tim Scallen As CEO

By Amit Chowdhry ● May 17, 2024

Bailey & Company, a Nashville-based merchant banking platform focused on growth and late-stage healthcare and technology companies, has appointed Tim Scallen as its chief executive officer. Scallen joined the firm in 2020 and previously served as its chief operating officer and managing partner of its principal investing business.

Burlwood Wealth: $275 Million Advisor Launches With LPL Support

By Amit Chowdhry ● May 16, 2024

LPL Financial announced that financial advisor Matt Sheffield has launched a new independent practice called Burlwood Wealth through affiliation with LPL Financial’s supported independence model, LPL Strategic Wealth Services. He reported having served about $275 million in advisory, brokerage, and retirement plan assets and joined LPL from UBS. After starting his career in Silicon Valley, followed by a brief stint in medical sales, Sheffield recognized his calling as a financial advisor in 2005. He said it was the perfect job to combine his critical thinking skills with his passion for relationship-building and making connections. Client Services Specialist Kayla Randall joins Sheffield.

Integrated Partners Names Andree Mohr As President

By Amit Chowdhry ● May 16, 2024

Integrated Partners - a national financial planning and registered investment advisory (RIA) firm that serves $18+ billion in assets under advisement (AUA) - announced the promotion of Andree Mohr to president. Mohr has frequently earned recognition among her peers via accolades and industry awards, playing a major role in the firm's development since joining in 2015.

Benefit Street Partners: Fund II Closed At About $850 Million In Commitments

By Amit Chowdhry ● May 15, 2024

Benefit Street Partners (BSP) has announced the final closing of BSP Special Situations Fund II and its affiliated vehicles. The funds were oversubscribed with approximately $850 million in capital commitments. Fund II will seek to continue the investment approach of its predecessor fund.

LPL Brings In $385 Million Advisory Team

By Amit Chowdhry ● May 15, 2024

LPL Financial announced that financial advisor Chris Kitaeff, CPFA, MBA, has joined LPL Financial’s broker-dealer, RIA, and custodial platforms. With this move to LPL, Kitaeff joins Maher Wealth Management as a managing director. He reported serving about $385 million in advisory, brokerage, and retirement plan assets and joined LPL from Merrill Lynch.

Panax: AI-Based Cash Flow Management Platform Raises $15 Million

By Amit Chowdhry ● May 13, 2024

Panax is a company that offers an AI-driven cash flow management platform that empowers mid-market and large companies with complex treasury management needs to gain control and sustainability and optimize liquidity.

LPL: $830 Million Thimble Island Private Wealth Team Launches Independent Practice

By Amit Chowdhry ● May 9, 2024

LPL Financial announced that financial advisors Logan Reed, CFP, CEPA, CIMA, CLU, AIF, James “Jim” English III, Michael Allegra Jr., CRPC, and Matthew Fleming, CFP, launched a new independent practice, Thimble Island Private Wealth, through affiliation with LPL Financial’s supported independence model LPL Strategic Wealth Services. The team reported having served approximately $830 million in advisory, brokerage, and retirement plan assets* while at Janney Montgomery Scott.

Raymond James Brings In $200 Million OK-Based Husband-Wife Financial Advisor Team

By Amit Chowdhry ● May 9, 2024

Raymond James’ Central division director for the firm’s independent advisor channel, Raymond James Financial Services (RJFS), Kirk Bell, announced that the firm has welcomed financial advisors Mike Sikes and Shaley Sikes to RJFS. The husband-and-wife team are founding partners of Sikes Wealth Partners in Edmond, Oklahoma, where they are joined by client service manager Susan Moore.

Altruist: $169 Million Raised To Create New Standards For Wealth Management

By Amit Chowdhry ● May 8, 2024

Altruist, a modern custodian built for RIAs, announced a $169 million Series E funding round led by ICONIQ Growth with participation from new investor Granite Capital Management and continued support from existing investors Adams Street Partners and Sound Ventures. The new funding round brings the company’s total funding to over $450M and values the company north of $1.5B. In connection with the funding round, Yoonkee Sull, General Partner at ICONIQ Growth, will join the board of directors.

Greystar: $1.9 Billion Final Closing For Equity Partners XI Fund

By Amit Chowdhry ● May 8, 2024

Greystar Real Estate Partners, a global leader in the investment, development, and management of residential real estate, announced on behalf of its affiliates the final closing of Greystar Equity Partners XI (GEP XI), which had aggregate equity commitments of $1.9 billion.

Volta: Digital Asset Operations Management Company Raises $4.1 Million

By Amit Chowdhry ● May 8, 2024

Volta is a company that is transforming the digital asset industry with the introduction of Volta Circuit, a multi-signature, non-custodial platform that has secured $4.1 million in seed funding from Fika Ventures, and Haven Ventures, along with support from Soma Capital, Dispersion Capital, and Uphonest Capital. The platform has set a benchmark as the new standard for smart wallet infrastructure, offering the fastest, easiest, and most secure solution for self-custody.

LPL Financial: Acquisition Of Crown Capital Securities Closed

By Amit Chowdhry ● May 8, 2024

LPL Financial announced it has closed its acquisition of Crown Capital Securities, L.P., a full-service broker-dealer and registered investment advisor (RIA) based in Orange County, California.