Perigon Wealth Management (a rapidly growing independent wealth management firm with offices across the country and about $6.9 billion in client assets as of January 31, 2024) announced it had acquired Blue Water Capital Management of New York and Lumin Financial of Michigan. The firms have collective Assets Under Management (AUM) of about $375 million in AUM. The terms were not disclosed.
Blue Water Capital Management is a Syracuse, New York-based registered investment advisor (RIA) that was launched in 2007 to provide portfolio management for financial advisors, retirement plan solutions for employers, and financial planning for investors. As of January 31, 2024, the firm had about $200 million in AUM.
Lumin Financial is a Southfield, Michigan-based advisory firm launched in 2000 to provide investment advisory services to employer-sponsored ERISA retirement plans and 401(k) plan participants. And it also provides investment advisory services to high-net-worth investors. The firm has about $175 million in AUM as of Jan. 3, 2024.
Perigon (an advisor-led firm) recently announced Constellation Wealth Capital as a new minority investment partner to enhance its strategic expansion through flexible affiliations. And the firm added teams and offices across six major markets since December 2021. In September 2022, Perigon announced a merger with PM Wealth Management LLC, and formed a strategic alliance with Prager Metis CPAs LLC, a tax advisory firm. In November of that year, Perigon also announced it acquired Nauset Wealth Management LLC, and expanded its Atlanta office.
Perigon estimates about $375 million will be added to its AUM upon the close of the transactions.
Alaris Acquisitions, an M&A advisory firm exclusive to the wealth management industry, advised on the Blue Water transaction, and FP Transitions advised on the Lumin Financial transaction.
KEY QUOTE:
“We are thrilled to welcome these teams to Perigon. Our range of affiliation models and advisor support continue to make our majority advisor-owned firm an attractive partner for growing financial practices. We look forward to a partnership that allows the advisors and staff joining Perigon to continue delivering results for their clients.”
- Arthur Ambarik, Perigon’s CEO
