Asset Management

Schwab Asset Management Launching Mortgage-Backed Securities ETF

By Amit Chowdhry ● Nov 7, 2024

Schwab Asset Management, the asset management arm of The Charles Schwab Corporation, announced today the launching of the Schwab Mortgage-Backed Securities ETF (listed as SMBS on NYSE Arca). The first trading day is expected to be on or about November 19.

EP Wealth Advisors: Acquisition Of Gather Financial Planning And Riley Private Client

By Amit Chowdhry ● Nov 6, 2024

EP Wealth Advisors, a leading fee-only RIA with an expanding national footprint and client base, announced the acquisition of Gather Financial Planning in Maine and Riley Private Client in Texas. These new firms—which join existing EP regions—will gain access to EP Wealth’s expansive offerings and growth strategies while adding over $240 million to its assets under management (AUM).

Aspen Standard Wealth Buying $2.8 Billion AUM RIA Summitry

By Amit Chowdhry ● Nov 6, 2024

Aspen Standard Wealth, a firm that serves as a permanent home and long-term partner for successful RIAs, announced that it has acquired Summitry, a leading registered investment adviser with $2.8 billion in assets under management (AUM).

Savvy Advisors Brings In Wealth Managers Craig Austad and Eric Passin

By Amit Chowdhry ● Nov 6, 2024

Savvy Advisors - a registered investment advisor (RIA) affiliated with Savvy Wealth - announced hiring two experienced wealth managers, Craig Austad, CLU, CFP, and Eric S. Passin.

LPL Onboards $800 Million Dougherty, Tedesco & Associates Advisors Team

By Amit Chowdhry ● Nov 4, 2024

LPL Financial announced that the financial advisors at Dougherty, Tedesco & Associates have joined LPL Financial’s broker-dealer, RIA and custodial platforms. And they reported serving about $800 million in advisory, brokerage and retirement plan assets, and join LPL from Osaic.

Raymond James Onboards $1.3+ Billion FA Melinda Johnston

By Amit Chowdhry ● Nov 3, 2024

Raymond James recently onboard financial advisor Melinda Johnston to the firm’s employee advisor channel Raymond James & Associates (RJA) in Fort Worth, Texas. Edward Sudzina, Western Gulf regional director for RJA, revealed this announcement.

Waverly Advisors Buys $1 Billion Advisory Firm 9258 Wealth Management

By Amit Chowdhry ● Nov 3, 2024

Waverly Advisors, a federally registered investment adviser (RIA) that specializes in investment management, financial planning and wealth management solutions for a diverse group of high-net-worth individuals, corporate retirement plans and institutional clients, acquired 9258 Wealth Management, an investment advisory firm and tax preparation and planning business headquartered in Cincinnati, Ohio. This partnership adds three Ohio-based office locations to Waverly’s growing footprint and $1 billion in assets under management (AUM).

Modern Wealth Buys $1.4 Billion RIA Petso Financial And Surpasses $6 Billion AUM

By Amit Chowdhry ● Nov 3, 2024

Modern Wealth Management—a registered investment advisory (RIA) firm founded to meet the evolving needs of today’s financial professionals and their clients—announced the acquisition of Boise, Idaho-based Petso Financial Consultants, a fee-only financial advisory firm with about $1.4 billion in assets under management (AUM). This deal is Modern Wealth’s eleventh acquisition to date and its sixth of the year, bringing its total AUM to over $6 billion.

Runway Growth Capital Combining With BC Partners Credit

By Amit Chowdhry ● Nov 1, 2024

Runway Growth Capital (a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity) and BC Partners Credit (the $8 billion credit arm of BC Partners, an approximately $40 billion assets under management alternative investment firm) announced a definitive agreement whereby BC Partners Credit will acquire Runway.

Realta Wealth: Abbey Eastham Named As Head Of Advisor Relations

By Amit Chowdhry ● Oct 30, 2024

Realta Wealth, an exclusive independent wealth management firm, announced the appointment of Abbey Eastham as Head of Advisor Relations. Reporting directly to CEO Kevin Keefe, Eastham will enhance the relationship between Realta and its network of elite independent financial advisors in this newly created role.

Altriarch: $70 Million In Commitments Raised From State of Wisconsin Investment Board

By Amit Chowdhry ● Oct 27, 2024

Private credit firm Altriarch Asset Management announced a $70 million commitment from the State of Wisconsin Investment Board (SWIB). This investment allocates $20 million for Altriarch's Specialty Finance Strategy, launched in August 2023. The strategy seeks to deploy capital through a network of secured finance operators across the US.

Citizens Onboards $600 Million Florida-Based Team

By Amit Chowdhry ● Oct 23, 2024

Citizens Financial Group announced that it is welcoming a new team of seasoned wealth advisors, led by Stephen LaForte and Jonathan Soto, as part of its ongoing strategy to accelerate wealth capabilities in key markets across the U.S. Based in Boca Raton, these senior advisors bring more than four decades of combined experience in wealth management and previously managed approximately $600 million in client assets. They specialize in customized wealth management solutions for high-net-worth and ultra-high-net-worth individuals, families, and businesses.

Cresset Buying CH Investment Partners, Bringing Firm To $62 Billion In Assets

By Amit Chowdhry ● Oct 19, 2024

Cresset Asset Management announced an acquisition of CH Investment Partners, a $6.2 billion multi-family office and private investment firm serving ultra-high-net-worth families. Through this acquisition, the integrated firm will manage more than $62 billion in assets for high-net-worth and ultra-high-net-worth families.

Kestra: Funds Managed By Stone Point Agrees To Buy Majority Interest In Parent Partnership

By Amit Chowdhry ● Oct 19, 2024

Kestra Holdings announced that funds managed by Stone Point Capital (a leading private equity firm focused on global financial services and related industries) has agreed to buy a majority interest in the parent partnership of the company, replacing current partner Warburg Pincus. Private equity firm Oak Hill Capital will remain a minority owner. And the Kestra Holdings management team and a large number of Kestra-affiliated financial advisors and Bluespring-affiliated principals will retain equity positions in the company. Bluespring Wealth Partners is the acquisition arm of Kestra Holdings.

MyFO: $3.5 Million (Seed) Raised For Transforming Family Office Management

By Amit Chowdhry ● Oct 18, 2024

MyFO, a fast-growing platform for family offices and the wealth management professionals who service them, announced the closing of its oversubscribed $3.5 million seed funding round, led by Rhino Ventures. The platform simplifies and organizes financial lives by creating a comprehensive family office platform consolidating data, documents, and stakeholder management. The new injection of funds will scale its operations to meet growing demand, enhance its product offerings, and expand its team.

LPL Onboards $340 Million Morristown Wealth Management And $685 Million Air Capital Teams

By Amit Chowdhry ● Oct 18, 2024

LPL Financial announced that it onboarded a couple of teams recently. This includes Morristown Wealth Management and Air Capital.

MAI Capital Management Onboards $1.2 Billion Halpern Financial Team

By Amit Chowdhry ● Oct 16, 2024

MAI Capital Management, a registered investment adviser (RIA) specializing in investment and financial planning for high-net-worth individuals and families, announced the acquisition of Halpern Financial. The terms of the transaction were not disclosed.

Family Office Resource Group Reveals Launch And Equity Investment From 4100FS

By Amit Chowdhry ● Oct 16, 2024

The Family Office Resource Group (FORG) officially announced its launch, along with a growth equity investment from 4100FS. FORG provides a comprehensive and white-labeled family-office solution to wealth management and professional services firms that want to meet the often complex and ever-growing needs of ultra-high-net-worth (UHNW) individuals and families.

Cerity Partners Acquires $1 Billion Advisory Firm SBC Wealth Management

By Amit Chowdhry ● Oct 16, 2024

Cerity Partners, a leading independent wealth management firm in the U.S., announced that it is merging with SBC Wealth Management, an Indianapolis-based wealth management firm serving affluent individuals and businesses.

Cetera Signs Deal With Protective Life To Buy $12 Billion AUA Concourse Financial Team

By Amit Chowdhry ● Oct 16, 2024

Cetera Financial Group, a premier financial advisor Wealth Hub, announced that it has entered into a definitive agreement to acquire Concourse Financial Group Securities (CFGS), a subsidiary of Protective Life Corporation, via asset acquisition. Based in Birmingham, Alabama, CFGS is comprised of Protective's affiliated retail distribution system, dually registered broker-dealer, and registered investment advisor.