Asset Management

Corient To Buy $7.9 Billion RIA H.M. Payson

By Amit Chowdhry ● Dec 20, 2024

Corient - which is one of the nation’s largest and fastest-growing national wealth advisors - announced it has agreed to acquire H.M. Payson & Co. (HMP), Maine’s largest registered investment advisory firm with $7.9 billion in assets under management. And HMP also serves as a Maine chartered trust company, managing approximately $1.2 billion in trust assets.

Perigon Wealth Management Onboards $170 Million Harrigan Group Team

By Amit Chowdhry ● Dec 18, 2024

Perigon Wealth Management - a rapidly growing independent wealth management firm with offices across the country and about $8.2 billion in client assets as of June 30, 2024 - announced it expanded its Florida network with the addition of the Harrigan Group. And Robert Harrigan and his son Evan Harrigan have joined Perigon’s Boca Raton, Florida, office from UBS, where they oversaw $170 million in total client assets.

Constellation Wealth: Inaugural Fund Closed With Over $1 Billion In Capital Commitments

By Amit Chowdhry ● Dec 17, 2024

Constellation Wealth Capital (CWC) - an alternative asset manager dedicated to providing capital solutions to the wealth management sector - announced the successful final closing of its inaugural fund, Constellation Wealth Capital Fund.

LPL: Marc Cohen Named As Managing Director

By Amit Chowdhry ● Dec 17, 2024

LPL Financial announced that Marc Cohen has been promoted to managing director, Business Strategy and Innovation and has joined the LPL Financial Management Committee. And in this role, Cohen will continue to lead the development of the firm’s corporate strategy and expand his responsibilities to include leading business line and affiliation strategy for independent advisors, large enterprises and institutional channels. In addition, Cohen now leads the company’s business services offerings and innovation lab for emerging solutions.

Raymond James Brings In $5 Billion Utah-Based Advisor Duo Team

By Amit Chowdhry ● Dec 17, 2024

Raymond James announced it has welcomed financial advisors Scott Burnett and Peter Kelson to Raymond James Advisor Select within Raymond James & Associates (RJA) – which is the firm's employee advisor channel – in Cottonwood Heights, Utah. This was revealed by John Simmons, West Coast regional director for RJA.

LPL Brings In $200 Million Advisor Francisco J. Blanco

By Amit Chowdhry ● Dec 16, 2024

LPL Financial announced that financial advisor Francisco J. Blanco has joined LPL Financial’s broker-dealer, RIA, and custodial platforms. Blanco reported having approximately $200 million in advisory, brokerage, and retirement plan assets and joins from JP Morgan Chase.

Homrich Berg To Buy $6.4 Billion WMS Partners Multi-Family Office And RIA

By Amit Chowdhry ● Dec 16, 2024

HB Wealth Management (HB) - a leading Atlanta-based fee-only wealth advisor with offices across the Southeast - announced it has entered into a definitive agreement to acquire WMS Partners (WMS), a $6.4 billion multi-family office and registered investment adviser (RIA) based in Towson, Maryland - which will become part of HB Family Office. The deal is expected to close in early Q1 of 2025, subject to customary closing conditions.

Solomon Partners: Arik Rashkes Named As A Partner And Group Head

By Amit Chowdhry ● Dec 16, 2024

Solomon Partners - a leading financial advisory firm and independent affiliate of Natixis - announced the appointment of Arik Rashkes as a Partner and Group Head. And Arik will lead and build out a broader coverage effort within the Financial Institutions sector. With the addition of the Financial Institutions Group, Solomon now operates 12 industry groups with over 30 discreet sub-segments.

Vanguard Establishing New Advice & Wealth Management Division

By Amit Chowdhry ● Dec 16, 2024

Vanguard announced it will establish a new Advice & Wealth Management division focused on enhancing capabilities to improve client outcomes. And industry veteran Joanna Rotenberg will join Vanguard in January 2025 to lead the new division as a managing director and a member of the firm’s senior leadership team.

GTCR Selling AssuredPartners For $13.45 Billion To Arthur J. Gallagher

By Amit Chowdhry ● Dec 16, 2024

Leading private equity firm GTCR announced that it had signed a definitive agreement to sell AssuredPartners, a leading independent insurance broker, to Arthur J. Gallagher & Co., a global insurance brokerage, risk management, and consulting services firm, for $13.45 billion in an all-cash transaction. This deal is the largest sale of a U.S. insurance broker to a strategic acquiror in the history of the industry.

Ameriprise: Brian Mora Named As SVP Of Experienced Advisor Recruiting

By Amit Chowdhry ● Dec 16, 2024

Ameriprise Financial announced that Brian Mora was named Senior Vice President of Experienced Advisor Recruiting. And Mora has over 20 years with Ameriprise, most recently as regional vice president in the central region of the firm’s branch channel.

MAI Capital Management Onboards $350 Million Carmichael Hill & Associates Team

By Amit Chowdhry ● Dec 16, 2024

MAI Capital Management - a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families - announced the acquisition of Carmichael Hill & Associates. The terms of the transaction were not disclosed.

Modern Wealth Management Adding $500 Million AUM With Several Acquisitions

By Amit Chowdhry ● Dec 16, 2024

Modern Wealth Management, a registered investment advisory (RIA) firm created to meet the evolving needs of today’s financial professionals and their clients, announced the acquisition of the Lenexa, Kansas-based Fiser Group. Additionally, Modern Wealth revealed plans to finalize the acquisitions of Saginaw, Michigan-based Gardey Financial Advisors and Chapel Hill, North Carolina-based LFM Wealth Management by year-end.

LPL Brings In $540 Million Prestige Wealth Group Team

By Amit Chowdhry ● Dec 16, 2024

LPL Financial announced that Prestige Wealth Group (PWG) advisors, led by managing partners Rich Galgano, CFP, and Matt Geraci, CFP, have joined LPL Financial’s broker-dealer, RIA, and custodial platforms. They reported serving about $540 million in advisory, brokerage, and retirement plan assets and joined LPL from Osaic.

Hightower Invests In $800 Million Wealth Management Firm Dechtman

By Amit Chowdhry ● Dec 16, 2024

Hightower announced that the firm has made a strategic investment in Dechtman Wealth Management, a financial planning and wealth management practice with $800 million in assets in the Denver area.

Mariner Acquires Atlas Financial And Newport Advisory, Adding $878 Million More In AUM

By Amit Chowdhry ● Dec 16, 2024

Leading national financial services firm Mariner announced it has acquired Sarasota, Florida-based Atlas Financial and Newport Beach, California-based Newport Advisory in a pair of deals that will bring the firm a combined total of about $878 million in assets under management.

Concurrent Brings In 6 New Advisors, Reaching $9.7 Billion In AUM

By Amit Chowdhry ● Dec 16, 2024

Concurrent Investment Advisors, a leading multi-custodial hybrid registered investment adviser (RIA), announced it reached $9.7 billion in assets under management with the addition of six new advisors and additional support staff.

Summit Financial Onboards $550 Million Midway Wealth Partners Team

By Amit Chowdhry ● Dec 15, 2024

Summit Financial, an investment advisory firm with over 40 years of experience providing market-leading, multi-family office services that empower financial advisors to accelerate growth, announced that Midway Wealth Partners has joined its network. Summit’s partnership model, Summit Growth Partners (SGP), has strategically invested in Midway, bringing its total strategic investments to 17 for the year.

New York Life Investments Buying Stake In $4.5 Billion European PE Firm Andera Partners

By Amit Chowdhry ● Dec 15, 2024

New York Life Investments, Candriam and Andera Partners announced plans to enter into a strategic partnership where New York Life Investments, a diversified, global asset management firm with $750 billion in assets under management (AUM), will acquire – through its global affiliate network – a 40% minority equity interest in Andera.

Commonwealth Financial Brings In $300 Million FA Douglas Perry

By Amit Chowdhry ● Dec 15, 2024

Commonwealth Financial Group - a MassMutual firm serving New England - announced it has welcomed Douglas Perry and his accomplished team to its growing network. Formerly with BMO Investments in Portland, Oregon, Perry reported having served over $300 million in client assets, earning a reputation for his comprehensive and client-centric wealth management strategies. The team includes Caroline Perry, Vice President of Operations, and Megan Waters, Client Services Director. Together, they will operate under the newly established Stafford Wealth Advisors.

Raymond James Financial Onboards $400 Million Advisor Darren Wright

By Amit Chowdhry ● Dec 13, 2024

Raymond James Financial Institutions Division (FID) recently brought in Darren Wright, CFA, MBA, as a Corporate RIA-affiliated financial advisor to First Mid Wealth Strategies (FMWS), located at First Mid Bancshares as announced by Stephen Kruchten, senior vice president and FID national director.

Cetera Brings In $465 Million First Citizens State Bank Team

By Amit Chowdhry ● Dec 13, 2024

Cetera Financial Group announced that First Citizens State Bank has entered into a network agreement with Cetera Financial Institutions to support and grow its investment program, First Citizens Investment Services.

F2 Strategy: Ryan Beach Named As CEO

By Amit Chowdhry ● Dec 10, 2024

F2 Strategy - a leading wealth management technology and marketing services consultancy - announced the appointment of industry veteran Ryan Beach as chief executive officer. And the recruitment of Beach represents the latest in a series of strategic personnel additions that include Laura Korbel as president and Jay Halbert as chief financial officer.

Copia Acquiring Wealth Manager Relationship App Company Kinship

By Amit Chowdhry ● Dec 10, 2024

Copia Wealth Studios - an intelligence platform providing insights on over $30 billion in assets - announced the acquisition of Kinship, a relationship management app for wealth managers, marking a significant step toward creating the first comprehensive operating system for asset owners and their managers.

Raymond James Onboards $200 Million Father-Son Advisor Team

By Amit Chowdhry ● Dec 10, 2024

Dominic Prioli, Upper Midwest regional director of Raymond James & Associates (RJA), announced it recently welcomed financial advisors Thomas Grobbel and John Grobbel to RJA in Bloomfield Hills, Michigan.

LPL Brings In $550 Million Frontline Investment Team

By Amit Chowdhry ● Dec 10, 2024

LPL Financial announced that financial advisors Amanda Miller, Devin Richard, and Jonathan Vila, CRPC, of Frontline Investment Advisors have joined LPL Financial’s broker-dealer, aligned with existing firm GradePoint Financial. They reported having served approximately $550 million in advisory, brokerage, and retirement plan assets and joined LPL from VALIC Financial Advisors, the broker-dealer for AIG Retirement Services.

Obra Capital: First CLO Offering Closed For $403.75 Million

By Amit Chowdhry ● Dec 9, 2024

Obra Capital, an asset management firm with a specialized approach to alternative investing, announced the final closing of its inaugural Collateralized Loan Obligation offering (CLO). Obra CLO 1 - at over $400 million in size, further diversifies Obra’s strategies in alternative assets and structured credit and underscores its ongoing commitment of providing various strategies aimed at delivering long-term value for investors.

Mariner Adding $878 Million In AUM Through Acquisitions

By Amit Chowdhry ● Dec 9, 2024

Leading national financial services firm Mariner announced it has acquired Sarasota, Florida-based Atlas Financial and Newport Beach, California-based Newport Advisory in a pair of deals that will bring the firm a combined total of approximately $878 million in assets under management.

BridgePort Financial: Nikki Bell Named As SVP Of Operations And Service

By Amit Chowdhry ● Dec 9, 2024

Nikki Bell has been hired as Senior Vice President of Operations and Service at BridgePort Financial Solutions, a registered investment advisor (RIA) firm serving fee-only independent advisors with a range of holistic solutions. Reporting to Managing Director Eddie Rollins, Bell will be managing the firm's operational functions, with a focus on streamlining BridgePort's advisory platform. And he will also work closely with BridgePort leaders to drive the development and implementation of new platforms and offerings to further support the firm's expanding network of fee-only advisors.

Eldridge Industries Launching Asset Management And Insurance Holding Firm

By Amit Chowdhry ● Dec 9, 2024

Eldridge Industries announced it is launching Eldridge, an asset management and insurance holding company with approximately $74 billion in assets under management. And Eldridge will be wholly owned by Eldridge Industries and consist of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions.