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Registered funding advisors introduced greater than $18.8 billion in transacted property this week, a sign that M&A within the house has not slowed as some predicted.
Lazard Asset Administration and Truvvo Companions mixed to create Lazard Household Workplace Companions, whereas Stratos Wealth Companions took possession of First Wealth Monetary Group within the wake of the sudden loss of life of its CEO.
In the meantime, Beacon Pointe introduced it accomplished 5 acquisitions over the previous three months, Pathstone is about to amass $1.5 billion in property and Service provider-backed Legacy Capital added $365 million in Arkansas. On the similar time, Hightower facilitated the primary tuck-in for associate agency Schultz Collins, whereas Snowden Lane lured one other Morgan Stanley advisor.
In tales revealed earlier this week, Built-in Companions and Falcon Wealth Planning every introduced their first acquisitions ever, Americana Companions added a $6 billion Houston RIA and Clearstead bought its second belief enterprise.
Lazard Asset Administration Acquires Truvvo Companions, Creating Household Workplace
Lazard Asset Administration, which manages about $216 billion in property, introduced it acquired Truvvo Companions, a New York Metropolis-based RIA with $3.8 billion in property that gives strategic recommendation, wealth planning and funding administration to households.
Collectively, the companies have fashioned Lazard Household Workplace Companions to handle roughly $8 billion in property—together with Lazard’s present U.S. non-public consumer enterprise—and supply recommendation and funding options throughout private and non-private markets. The household workplace will combine funding administration, threat administration and household workplace companies into one providing.
On account of the deal, Lazard’s world wealth administration division now oversees roughly $22 billion in consumer property, together with a European wealth administration enterprise.
“Demand for stylish and progressive wealth administration options is growing as household places of work navigate the ever-changing markets and financial setting,” Lazard CEO Evan Russo stated in an announcement.
“We consider leveraging Lazard’s experience, infrastructure and assets will strengthen our platform and allow a holistic strategy, permitting us to raised serve our purchasers,” added Truvvo CEO and CIO Casey Whalen.
Lazard’s world funding franchise is anticipated to enrich Truvvo’s open-architecture platform and experience in non-public markets, in accordance with the announcement. The household workplace unit will present funding administration, in addition to experience in wealth switch, tax planning, philanthropy, operational options, money movement and liquidity planning.
The Truvvo crew, which might be based mostly in Lazard’s New York workplace, consists of Whalen, Jerome Antenen, Alison Rosenzweig, Caitlin Reynolds and Danielle Roseman.
One of many world’s largest asset administration companies, Lazard at present operates out of 26 international locations on 5 continents, offering a variety of economic recommendation and administration to companies, partnerships, establishments, governments and people.
The agency celebrates its one hundred and seventy fifth anniversary this 12 months.
Stratos Wealth Companions Expands Possession Stake in First Wealth
Stratos Wealth Companions, an RIA of Stratos Wealth Holdings, expanded its possession in First Wealth Monetary Group to a majority stake, following the surprising passing of Founder and CEO Breton Williams.
The proprietor and management transitions are efficient instantly, in accordance with Thursday’s announcement, “with no affect to the agency’s operations.” As part of the transition, minority proprietor Andrew Meyers has been named president of First Wealth.
“As we proceed processing the lack of our pal and colleague, we’re grateful that Breton had such an in depth enterprise continuity plan in place,” Meyers stated in an announcement. “I wish to guarantee our purchasers that First Wealth’s crew of advisors and employees is dedicated to offering the valued funding recommendation and monetary planning care they’ve change into accustomed to. Our strengthened partnership with Stratos will permit us to construct a good better enterprise and supply further companies to those loyal purchasers.”
Established in Clinton, Iowa, in 1987, First Wealth oversees greater than $348 million in mixed brokerage and advisory property. The agency offers funding administration and retirement, property, pension and tax-favored planning. Stratos has been a non-ownership associate within the agency for eight years, supporting progress because it expanded to 6 advisors in 4 places.
“Breton was a well-respected member of the wealth administration neighborhood in Iowa, who cared deeply in regards to the well-being of his purchasers and neighborhood, and might be sorely missed,” stated Charles Shapiro, founding associate and Chief Improvement Officer at Stratos. “On behalf of Stratos, I prolong my condolences to the Williams household, employees of First Wealth and purchasers whose lives Breton improved through the years. We’re honored to construct on his legacy alongside Andrew and the First Wealth crew, offering an distinctive consumer expertise and rising the agency.”
Meyers, an advisor with First Wealth since 2011, just lately stepped right into a management position as a part of the deliberate succession. Working with Senior Consumer Service Consultant Cari Bush, Meyers started implementing the plan established by the late Williams to “guarantee a seamless transition for purchasers.”
Stratos Wealth Companions manages greater than $9.6 billion in advisory property and advises on greater than $6.9 billion in brokerage and third-party property held away at LPL Monetary. The platform presents infrastructure and operational, strategic and revenue-generating assets to growth-minded companies. Since its founding, Stratos has grown to 275 impartial advisors, with greater than 60 dwelling workplace employees and greater than 87 places nationwide.
Beacon Pointe Provides 5 RIAs in Three Months
Newport Seashore, Calif.-based Beacon Pointe Advisors accomplished 5 RIA acquisitions over the past three months, in accordance with an announcement, with three offers closing on the finish of 2022 and two closing earlier this 12 months.
Midwest Monetary Advisor Group, Nexus Wealth Advisors, Pinnacle Wealth Administration, Ailsa Capital and Bennicas & Associates have change into Beacon Pointe regional places of work in new and present markets and prolong the agency’s footprint to further states, together with Illinois, Michigan and Utah.
They added about $1.5 billion in property underneath administration, bringing Beacon Pointe to roughly $25 billion in AUM and 46 places of work nationwide.
“Coming off of a busy 12 months of M&A exercise in 2021, it was nice to maintain that very same momentum in 2022,” Beacon Pointe President Matt Cooper stated in an announcement. “Not solely did we increase into a number of new territories, together with three new places of work within the Midwest, however we added additional density in present markets that we have now been pursuing for fairly a while.”
With workplace places in Skokie, Unwell., and Bloomfield Hills, Mich., Midwest Monetary Advisor Group brings Beacon Pointe to each states for the primary time. Serving purchasers within the better Chicago area with round $300 million in property, husband and spouse founders Heather O’Neill Fairbanks and Isamu Fairbanks lead the five-person crew.
“An enormous a part of what we have been on the lookout for when looking for the appropriate associate was a agency that would present us the back-office assist and assets we would have liked whereas nonetheless fostering a way of neighborhood and tradition that we aligned with,” stated O’Neill Fairbanks. “These components paired with initiatives of Beacon Pointe’s Girls’s Advisory Institute is what really drew us into the agency.”
Pinnacle Wealth Administration joins Beacon Pointe with $155 million in property underneath administration and expands the agency’s presence within the Denver area. Joined by a crew of six, President Tom Stefaniak is taking over the position of managing director at Beacon Pointe.
“I used to be lucky to have heard about Beacon Pointe via an present associate on the agency,” Stefaniak stated. “We’re excited to start leveraging the strong platform and expertise Beacon Pointe has cultivated through the years.”
Ailsa Capital will change into Beacon Pointe’s first workplace within the state of Utah, with round $210 million in consumer property. John Martindale is becoming a member of as managing director and bringing a crew of three.
“The depth of Beacon Pointe’s service choices, notably from a consumer standpoint, was what really drew us into the agency from the outset,” stated Martindale. “That, paired with established back-office companies that will allow us to spend extra time with our purchasers, was one of many foremost drivers of our determination to associate with Beacon Pointe.”
With $240 million in property underneath administration, Bennicas & Associates is situated in Portola Valley, Calif., and might be becoming a member of one in every of Beacon Pointe’s present Bay Space workplace places. Founder Georgia Bennicas is becoming a member of as associate and senior wealth advisor, together with advisor Michael Dunn and two employees members.
Nexus Wealth Advisors, situated in Santa Cruz, Calif., is an extension of Beacon Pointe’s present Bay Space workplace in Campbell. Nexus founder Lance Wexler and his crew will proceed serving purchasers within the Santa Cruz County and South Bay Space.
Monetary phrases of the offers weren’t disclosed.
Pathstone Will Purchase Rex Capital Advisors
Pathstone, a partner-owned and personal equity-backed RIA serving households, household places of work, foundations and endowments, entered into an settlement to amass Rex Capital Advisors. Primarily based in Windfall, R.I., Rex offers funding advisory and household workplace companies to ultra-high-net-worth households and associated entities.
Based in 2002 by Arthur Duffy, Rex Capital initially served as a single-family workplace. Working with Michael Chase, Matthew Thibault and Timothy Devlin, Rex has grown to advise 12 consumer households, situated throughout the U.S., representing roughly $1.5 billion in property. Along with personalized household workplace options, the Rex crew brings non-public fairness and enterprise capital experience.
As soon as the deal has closed, the Rex crew may have entry to Pathstone’s infrastructure, expanded companies and expertise to speed up progress.
“From the primary dialog with Arthur and his crew, we noticed alignment in the way in which we strategy consumer service, embrace innovation, and think about the way forward for the household workplace enterprise mannequin,” stated Pathstone CEO Matt Fleissig. “We’re thrilled to associate with such a culturally aligned group and to proceed strengthening our presence in New England, in step with our aim of rising inside our present regional places of work.”
Primarily based in Englewood, N.J., the acquisition will convey Pathstone’s complete consumer property to virtually $80 billion, with 17 workplace places and almost 350 crew members—greater than 175 of whom are shareholders of the agency.
Service provider-backed Legacy Capital Recruits $650M Arkansas Staff
Legacy Capital, a Little Rock, Ark.-based RIA and wealth administration agency backed by Service provider Funding Administration, is opening an workplace in Northwest Arkansas with the addition of Brian Wooden, Michael Peebles and DeAnn Gann. The crew of advisors have been most just lately with Arvest Financial institution’s wealth administration division.
The deal will increase Legacy’s geographic footprint and strengthen its place as one of many largest impartial wealth administration companies in Arkansas, in accordance with the announcement, together with greater than $1 billion in consumer property and greater than $2.5 billion of in-force life insurance coverage.
The previous Arvest Financial institution crew will present all the things from asset administration and investments to monetary and property planning, banking and belief companies, and insurance coverage options to high-net-worth and ultra-high-net-worth households.
Legacy has served people and households since 1977 with monetary planning, asset administration, legacy and property planning, and insurance coverage options. Backed by Service provider since 2018, Legacy has doubled AUM since a 2020 merger with Trent Capital and now serves 400 households with a employees of 20.
“Matt and the crew at Legacy Capital have been one in every of Service provider’s first companions,” stated Service provider co-founder and Managing Accomplice Tim Bello. “It’s been exceptional working with them and rising the agency.”
Hightower Helps 1st Acquisition for Accomplice Agency Schultz Collins
Schultz Collins Funding Counsel, a Hightower agency in California’s San Francisco Bay space, accomplished its first acquisition with assist from its father or mother platform.
DHR Funding Counsel in Oakland, Calif., a $385 million agency led by husband-and-wife crew Davis Riemer and Louise Rothman-Riemer, is becoming a member of Schultz Collins and bringing the agency’s property underneath supervision to greater than $1.3 billion.
Based in 1987, DHR Funding Counsel “pioneered the implementation of the fiduciary customary of follow amongst funding advisory companies,” in accordance with the announcement, and is among the many business’s first fee-only companies.
Based in 1995, Schultz Collins serves particular person traders, retirement plan sponsors and establishments. The agency joined Hightower in January 2020.
“Collectively, Schultz Collins and DHR Funding Counsel serve a extremely engaging, complementary clientele,” stated Hightower Chairman and CEO Bob Oros. “This acquisition will go a great distance in supporting the agency’s formidable progress plans and serving to empower their subsequent generations of advisors.”
Hightower has a devoted M&A crew to assist its associate companies execute mergers and sub-acquisitions by offering sourcing, valuation, deal structuring, due diligence, authorized and regulatory and pre- and post-close integration companies, in addition to the capital assets wanted for transactions.
The rising platform of impartial advisors helps 131 companies in 34 states and the District of Columbia with a variety of companies designed to catalyze and speed up progress. On the finish of 2022, the agency managed $113.7 billion in consumer property, up from $106.1 billion simply three months earlier, and $144.3 billion in property underneath administration.
Snowden Lane Companions Provides Morgan Stanley Advisor in Miami
Eduardo Alvarez Andreu, a Miami-based advisor managing $132 million in consumer property, left Morgan Stanley to hitch Snowden Lane Companions, a hybrid RIA based mostly in New York.
Figuring out of Snowden Lane’s Coral Gables, Fla. workplace, Alvarez Andreu will function associate and managing director. He brings almost twenty years of expertise in monetary companies, with experience in worldwide wealth administration and various investments.
Previous to Snowden Lane, Alvarez Andreu held the roles of first vp, worldwide consumer advisor, various investments director and portfolio supervisor at Morgan Stanley in Miami. He joined the wirehouse as a crew analysis analyst and glued revenue dealer in 2010.
He has additionally labored as senior gross sales affiliate and buying and selling specialist at Barclays and as a personal wealth administration licensed gross sales assistant at Lehman Brothers. He’s fluent in English, Spanish and Portuguese.
“It’s all the time humbling to obtain curiosity from advisors as certified as Eduardo,” stated Snowden Managing Director Doug Flaherty. “His expertise working with purchasers each domestically and internationally might be invaluable, and his consideration to element for every of his purchasers is a real differentiator.”
Since its founding in 2011, Snowden Lane has grown quickly by recruiting advisors from Morgan Stanley, Merrill Lynch, UBS, JP Morgan, Raymond James, Wells Fargo and Fieldpoint Personal, amongst others.
At the moment, the agency employs 136 professionals, 75 of whom are client-facing advisors, throughout 13 places of work across the nation.
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