Asset Management

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.

Orion: Chris Shutler Named As Head Of Strategy

By Amit Chowdhry ● Dec 9, 2024

Orion, a transformative wealthtech solutions providor for financial advisors and the enterprise firms that serve them, announced the appointment of Chris Shutler, CFA, as Head of Strategy.

Concurrent Investment Advisors Reaches $9.7 Billion In Assets Under Management

By Amit Chowdhry ● Dec 9, 2024

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

Allworth Financial Onboards $500 Million Ryan Wealth Management Team

By Amit Chowdhry ● Dec 8, 2024

Allworth Financial announced the acquisition of Ryan Wealth Management, an RIA firm with offices in Yuba City, California, and Spokane, Washington. This partnership strengthens Allworth’s presence in the California and Pacific Northwest markets while further expanding the firm’s expertise in retirement and investment advisory services.

Why SageView Is Buying $400 Million Retirement Plan Consulting Company OnTrack 401(k)

By Amit Chowdhry ● Dec 8, 2024

SageView Advisory Group—one of the nation's leading independent RIA firms—announced it has acquired OnTrack 401(k) of Frederick, Maryland. OnTrack 401(k), which has $400 million in Assets Under Advice (AUA), provides retirement plan consulting services to over 90 institutions.

Mubadala Capital Committing Over $1 Billion To Silver Rock’s Funds

By Amit Chowdhry ● Dec 8, 2024

Mubadala Capital - the alternative asset management subsidiary of Mubadala Investment Company - announced that it has entered into a strategic partnership with Silver Rock, a credit asset manager with over $10 billion in assets under management (AUM). Under this deal, Mubadala Capital will acquire a 42% stake in Silver Rock Financial LP through a combination of cash and stock, with an option that could take Mubadala Capital's ownership to 50% over time.

Voya Partnering With Orion On Launching Technology Platform For Financial Pros

By Amit Chowdhry ● Dec 6, 2024

Voya Financial announced it is collaborating with Orion, a provider of transformative wealth-tech solutions for financial professionals, to launch a new and enhanced technology platform for its Voya Financial Advisors (VFA) business. And Voya WealthPath will offer VFA’s financial professionals an integrated experience of holistic in-plan, retail, and advisory solutions like financial planning and client relationship management tools.

Avantax Onboards $143 Million FA Andrew Erickson

By Amit Chowdhry ● Dec 5, 2024

Avantax - a unique community within Cetera Holdings and a leader in tax-focused financial planning and wealth management - announced it welcomed independent financial advisor Andrew Erickson, CFP CEPA, founder of ClearGuide Wealth. Based in the Chicagoland area, Erickson transferred to Avantax after eight years with Edward Jones, where he had approximately $143 million in client assets under administration as of July 30, 2024.

LPL: Renana Friedlich Named As Chief Information Security Officer

By Amit Chowdhry ● Dec 4, 2024

LPL Financial, a leader in the wealth management industry, announced the strategic hire of Renana Friedlich as executive vice president and chief information security officer (CISO). This move supports the firm’s commitment to cybersecurity in an increasingly difficult business landscape.

Cresset: $150 Million Minority Investment From Constellation Wealth Capital

By Amit Chowdhry ● Dec 4, 2024

Cresset announced that it has closed on a $150 million minority long-duration investment from Constellation Wealth Capital, which is a long-term strategic investor that provides capital solutions exclusively to wealth management businesses and multi-family offices.

Nuveen Private Capital: Otto Donner Named As Head Of Nordics Business Development

By Amit Chowdhry ● Dec 4, 2024

Arcmont Asset Management and Churchill Asset Management, the European and U.S. asset management companies of Nuveen Private Capital (NPC), announced the continued expansion of its European client coverage capabilities with the appointment of Otto Donner as Head of Nordics Business Development.

EdgeCo Holdings Surpasses $600 Billion In Assets

By Amit Chowdhry ● Dec 4, 2024

EdgeCo Holdings announced it achieved a new record by surpassing $600 billion in assets serviced across its custody, trading, administration, brokerage, investment management, and technology platforms. And its AmericanTCS business unit, which offers retirement plan services to intermediary professionals, now services more than $550 billion in assets. EdgeCo’s wealth management arm NewEdge Capital Group represents over $60 billion in assets serviced.

Kestra PWS Onboards $427 Million Arc Private Wealth Team

By Amit Chowdhry ● Dec 4, 2024

Kestra Private Wealth Services (Kestra PWS), a registered investment adviser subsidiary of Kestra Financial announced the addition of Arc Private Wealth to its platform. And the firm offers customized solutions, including wealth management, retirement planning, and more, to its client base.

LPL Brings In $250 Million Advisor James Norris

By Amit Chowdhry ● Dec 4, 2024

LPL Financial announced that financial advisor James P. Norris, MBA, APMA, of Argosy Financial, has joined its broker-dealer, RIA, and custodial platforms. He reported serving approximately $250 million in advisory, brokerage, and retirement plan assets and joins LPL from Centaurus Financial.

Mercer Advisors Brings In $110 Million All-Woman Advisory Team Frango Financial

By Amit Chowdhry ● Dec 4, 2024

Mercer Global Advisors, a national Registered Investment Adviser (RIA), announced the acquisition of Frango Financial. Frango is an RIA that delivers comprehensive financial planning services to working professionals primarily in Washington, D.C., Virginia, Maryland, and South Carolina. Managing about $110 million in client assets, Frango is dedicated to guiding individuals and families to make informed financial decisions.

Miracle Mile Advisors Signs Strategic Partnership With Offit, Bringing AUM To $7.4 Billion

By Amit Chowdhry ● Dec 4, 2024

Miracle Mile Advisors - an registered investment advisor (RIA) offering highly customized wealth management services to high-net-worth clients, announced a strategic partnership with Offit Advisors in Maryland, which expands Miracle Mile’s East Coast presence and brings its assets under management (AUM) to $7.4 billion as December 1.

BlackRock To Buy HPS Investment Partners In $12 Billion Deal

By Amit Chowdhry ● Dec 3, 2024

BlackRock and HPS Investment Partners (a leading global credit investment manager with about $148 billion in client assets) have entered into a definitive agreement for BlackRock to buy HPS for about $12 billion, with 100% of consideration paid in BlackRock equity. The equity is issued by a wholly-owned subsidiary of BlackRock and exchangeable on a one-for-one basis into BlackRock common stock.