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Tuesday, February 20, 2024

2023 Kicks Off with A number of RIA M&A Bulletins

Within the first week of the brand new yr, lively acquirers within the registered funding advisor area introduced a spate of recent transactions. Some acquired completed final yr, however others closed this week or are slated for this quarter. Not a complete listing, these offers could point out the RIA M&A market will stay vigorous in 2023.

Prime Capital Funding Advisors Acquires 4 Companies in 1 Month

Prime Capital Funding Advisors closed its first deal of the yr on Jan. 3 with the acquisition of Stonnington Group, a Pasadena, Calif.-based registered funding advisor with $575 million in consumer property. The acquisition comes on heels of a busy December, throughout which PCIA accomplished three transactions and added a mixed AUM of $2.1 billion, SRI experience and distant capabilities.

The 2023 acquisition expands PCIA’s Southern California footprint whereas including 275 purchasers and 5 new workers, together with President Nick Stonnington. The agency, which can retain its personal branding, prioritizes lively asset administration and execution in its service mannequin.

“The partnership with PCIA will open our collective staff’s capabilities, experience and deep assets to additional profit our purchasers right here in Southern California in addition to help different PCIA purchasers throughout the nation,” stated Stonnington.

“Stonnington Group is a multigenerational agency that operates with a whole-team method that aligns nicely with Prime Capital,” stated PCIA CEO Glenn Spencer. “Nick and his staff have confirmed their means to ship nice consumer service and develop their enterprise.”

In December, PCIA picked up the $1.75B AUM Liberty Wealth Advisors, with 15 workers throughout 9 states and a distant service providing. Per week later, Skilled Monetary Providers and Earth Fairness Advisors have been every acquired—with $185 million and $151 million in property, respectively.

PFS introduced PCIA’s presence to the North Dakota Sioux Falls area and Earth Fairness expanded capabilities within the sustainable, accountable and influence investing area.

“We attempt to supply our purchasers with methods that align with their objectives and lives,” stated Spencer. “As leaders within the SRI area, Earth Fairness will speed up our efforts and allow us to supply purchasers with entry to accountable investing choices.”

PCIA presently has 51 areas all through america and oversees round $17.3 billion in consumer property as of Jan. 4, 2023.

Carnegie Funding Counsel Buys RiverStone Wealth Administration

Carnegie Funding Counsel introduced the acquisition of RiverStone Wealth Administration in Wexford, Penn. The deal, which closed final yr, added $230 million to the Cleveland-based RIA.

Established in 2008, RiverStone focuses on offering custom-made wealth administration options to people, households and retirement plans. The agency was represented within the transaction by InCap Group, a boutique funding banking agency for the monetary providers business.

Carnegie acquired its begin in 1974, when it was initially based by funding agency Prescott, Ball & Turben. The corporate serves a nationwide consumer base of people, households, nonprofits, foundations and endowments, in addition to retirement plan sponsors. It now oversees greater than $3.5 billion in consumer property by its RIA and advises on $400 million by its retirement plan division through workplaces in Cincinnati; Fort Myers, Fla.; Los Angeles, New York Metropolis, Pittsburgh, Penn.; Philadelphia and Toledo, Ohio.

“We’re all excited for our partnership with Carnegie Funding Counsel,” stated RiverStone co-founder Wes Creese. “Every interplay with the Carnegie management staff confirmed that our organizations weren’t solely a powerful cultural match, however our method to serving purchasers was related as nicely.”

EP Wealth Advisors Continues NE Enlargement with Maine-based Cribstone Capital

EP Wealth Advisors closed its sixth and ultimate deal of 2022 on Dec. 31 with the acquisition of Cribstone Capital, a $357 million AUM agency with two areas in Maine. The Cribstone staff is the third EP has added on the East Coast since making its first transfer within the area final September.

Established in 2015, Cribstone was led by Scott Upham and Jeff Burch, who each now function companions and regional administrators for EP, together with Amyn Moolji, now a managing director on EP Wealth’s Portfolio Technique staff. They’re joined by three different staff members, bringing EP’s complete worker base to round 330. Monetary and authorized phrases of the deal weren’t disclosed.

“Cribstone has been constructed on a basis much like EP Wealth and is targeted on delivering private, purposeful plans throughout the consumer spectrum,” acknowledged EP CEO Patrick Goshtigian “Scott, Jeff and their staff share EP Wealth’s concentrate on delivering plans for monetary well being to purchasers, in addition to a platform for progress and improvement for workers. They’re a welcome addition as we proceed to increase our geographic footprint whereas offering distinctive native service.”

Cribstone expects to leverage EP’s assets in planning, tax, property, portfolio technique, funding and expertise “to assist set the stage for progress past Maine to New Hampshire and Vermont,” in response to an announcement.

“Becoming a member of collectively appeared like a pure development for our agency and an awesome alternative for our present and future purchasers,” stated Upham.

“The extra depth and breadth of assets and providers will permit us to concentrate on and improve our consumer providers and broaden our attain in Maine and all through the area,” added Burch.

Primarily based within the better Los Angeles space, EP was based in 2004 and is backed by Berkshire Companions, a personal fairness agency in Boston. After taking a minority funding from Wealth Companions Capital Group in 2017, the agency launched into a nationwide inorganic technique, buying corporations in California, Washington, Colorado, Arizona, Illinois, Texas, Utah, Massachusetts, Pennsylvania and, now, Maine. EP presently oversees greater than $15 billion in consumer property.

“The established relationships and shared objectives between Cribstone and EP made this a powerful and seamless pairing,” stated Nick Trepp, Principal at WPCG. “EP’s acquisition of Cribstone strengthens its presence within the Northeast, exemplifying EP’s considerate and tactical progress technique all through the years.”


Parallel Advisors to Speed up M&A with Recapitalization

Bay Space-based Parallel Advisors has acquired AUTUS Asset Administration in Scottsdale, Ariz., together with a “substantial funding” from non-public fairness agency Golden Gate Capital. Emigrant Companions, a minority investor in each Parallel and AUTUS, has exited its place within the mixed firm.

Based in 2006 and led by CEO C.J. Rendic, Parallel serves high-net-worth people and pension/revenue sharing plans throughout advisory, wealth planning, operations and funding groups, deploying a holistic wealth administration method and team-oriented providers platform. The Golden Gate funding will permit the agency to speed up its M&A method and natural progress alternatives, in response to an announcement.

AUTUS is a boutique asset administration agency with roughly $900 million in AUM. The agency offers customized wealth administration providers to high-net-worth people, households and endowments.

Republic Capital Group, an funding banking agency specializing within the RIA, asset and wealth administration, and securities-related industries, supported AUTUS by the acquisition and Parallel by the next capitalization course of.

“Parallel Advisors, AUTUS Asset Administration, and Golden Gate Capital are all wonderful corporations,” stated John Langston, managing companion at Republic Capital Group. “Having the chance to deliver the three of them collectively was thrilling and we admire their partnership and belief all through this course of.”

The AUTUS acquisition closed on Dec. 30, 2022. Monetary phrases of both transaction will not be being disclosed.

Dakota Wealth Administration Receives Minority Funding from Emigrant Companions

After exiting its partnership with Parallel Advisors, Emigrant Companions has entered into one other with Dakota Wealth Administration in Palm Seaside Gardens, Fla.

Below the settlement, Emigrant is making a minority, non-voting funding within the rising agency. Particulars of the transaction weren’t disclosed.

Based in 2018 by Peter Raimondi, Dakota offers funding administration, wealth and property planning, and tax planning providers to greater than 1,700 purchasers. Since inception, the agency has accomplished seven acquisitions and a number of other advisor tuck-ins. A least among the capital will help future inorganic progress alternatives, in response to an announcement.

“At this stage of our improvement, we decided to tackle a companion that might assist us with our present and future capital wants in addition to work intently with us to execute our strategic initiatives at a sooner charge than we might on our personal,” stated Raimondi.

“Dakota has constructed and scaled a formidable and differentiated wealth administration platform in underneath 5 years,” stated Karl Heckenberg, CEO and president of Emigrant Companions. “We stay up for collaborating with Dakota’s proficient senior administration staff to assist them obtain their progress targets.”

Buckingham Strategic Wealth to Purchase Oxford Monetary Companions

Focus Monetary Companions introduced this week that it has entered into an settlement through which companion agency Buckingham Strategic Wealth will purchase Oxford Monetary Companions, a Cincinnati-based registered funding advisor with roughly $278 million in property underneath administration.  

Oxford Monetary Companions is a wealth administration agency providing monetary planning and funding recommendation to primarily high-net-worth people.

“By becoming a member of Buckingham, we are able to draw from their expansive assets, expertise and nationwide footprint to positively influence the lives of our purchasers now and sooner or later, all whereas retaining the personalization of an area agency,” stated Oxford Managing Member Erik Christman.

The transaction is anticipated to shut within the first quarter of 2023, topic to circumstances, at which period the Oxford Monetary Companions staff will be part of Buckingham, establishing the agency’s first workplace in Cincinnati.

“We stay up for leveraging our operational scale so as to add to their high-touch wealth administration expertise and to establishing our footprint within the metro Cincinnati space and past,” stated Buckingham CEO Adam Birenbaum.

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