This week’s wealth administration deal included Cetera’s acquisition of $ 490 million AUM firm Magis Monetary Companions, an unbiased dealer / seller with a separate registered funding advisor in Philadelphia. CI Monetary, the Canadian RIA roll-up, has acquired AUM Barrett Asset Administration, based mostly in New York, for a price of USD 2.5 billion. That is the fifteenth deal since coming into the US market in January 2020.
Litman Gregory introduced it could be acquired by French wealth administration agency iM International Accomplice. Litman Gregory’s asset administration enterprise can be a part of iM’s U.S. distribution of funding merchandise, however the asset administration enterprise will function independently, in line with executives.
After the announcement of the sale to SVB Monetary, Boston Non-public is giving up some advisors. John Tassone and Jeffrey Kaufman of Boca Raton, Fla., Left Boston Non-public Wealth to affix Lido Advisors, an RIA headquartered in Los Angeles.
Within the fundraising area, Service provider Funding Administration acquired a non-controlling minority stake in a North Carolina-based M&A deal firm based by a former acquisition advisor to United Capital.
Beneath are extra mergers, acquisitions, and advisor modifications for the week of March 8, 2021.
$ 1.5B Maentz Machlovitch Group joins Rockefeller
Los Angeles-based Maentz Machlovitch Group, which managed $ 1.5 billion at Morgan Stanley, has joined the Southwest Division of Rockefeller Capital Administration. The observe focuses on excessive internet price and really excessive internet price households and gives institutional funding companies for Native American tribes and indigenous firms in Alaska.
$ 1.1B Staff The Fortney Group joins UBS
Fortney Group is shifting from Morgan Stanley to UBS Monetary. The crew, which managed $ 1.1 billion in shopper property, is predicated in Houston, Texas. Grant Fortney, Scott Fortney, and Michael B. Nichley and their assist workers of three present wealth administration companies to excessive internet price people, households and executives.
Built-in companions seize the Vedder Group
Vedder Group, a $ 250 million AUM hybrid advisory crew based mostly in Tallahassee, Florida, left Northwestern Mutual to affix Built-in Companions as a accomplice firm. The crew of 4 consists of CEO Scott Vedder; Wyndi Pelt, director of selling and enterprise operations; Lori Halligan, director of funding operations; and Nicole Sabol, Affiliate Wealth Administration Advisor.
Mercer Provides $ 740M AUM California Staff
Mercer Advisors acquired Epstein & White Monetary and Epstein & White Retirement Options, based mostly in San Diego. Epstein & White has a crew of 20 and manages $ 740 million in shopper property for rich and rich purchasers.
The worldwide wealth administration crew leaves Wells Fargo for Insigneo
Monetary advisors Alain Guerra and Edward Varona, together with gross sales consultant Vivian Pino, managed shopper property of $ 345 million USA and Latin America. The duo of consultants joined Insigneo’s unbiased dealer / seller and RIA community in Miami.
Ameriprise is recruiting a crew of 11 from the Subsequent Monetary Group
Integrity Monetary, an Independence, Ohio-based wealth administration firm that manages $ 200 million in shopper property, joined Ameriprise from Subsequent Monetary Group. The crew consists of senior advisor Bob Ross, accomplice Craig King, and monetary advisors Terence Hagedorn and Matthew Caton, and 7 assist workers.
LPL Monetary Recruits The Fox Alliance from Cetera
Fox Alliance managed $ 260 million in shopper property with First Allied, a Cetera community dealer / seller. It joins LPL’s dealer / seller and registered funding advisor.
Morgan Stanley loses property within the Sierra Pacific to Prospera Monetary Providers
Sierra Pacific Wealth managed Morgan Stanley’s AUM for $ 375 million and partially left the corporate to “embrace the wirehouse exodus pattern.” The agency consists of Ryan Hyslop, Muchael DuBoise, Brittany Surina and Ben Slives with workplaces in California, Nevada, New Mexico and Texas.