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Arax Funding Companions, a wealth administration platform backed by personal fairness agency RedBird Capital Companions, has acquired Excel Securities & Associates, a Rochester, N.Y.-based impartial dealer/seller and RIA with $1 billion in consumer property.
The agency will now function as Ashton Thomas Securities, borrowing the identify from an RIA Arax acquired final yr, Ashton Thomas Non-public Wealth. Phrases of the settlement weren’t disclosed.
Along side the acquisition, Ashton Thomas Non-public Wealth added a $2 billion AUM crew from Alex. Brown, a division of Raymond James. The Stafford Schauer Non-public Wealth Group, led by Chris Stafford and Cory Schauer, will even launch a brand new downtown Boston workplace. Each advisors have been beforehand with Deutsche Financial institution.
“Ashton Thomas, and the broader Arax platform, afforded us the distinctive alternative to hitch a real partnership, whereas nonetheless gaining access to the companies and options wanted for our seasoned consumer base,” Stafford stated in a press release.
Arax introduced its funding in Ashton Thomas Non-public Wealth final September.
Based mostly in Scottsdale, Ariz., Ashton Thomas was based in 2010 and offers foundations, companies and rich people and households with fee-based monetary planning and funding portfolio administration, in addition to retirement plan consulting and monetary training.
Arax additionally introduced the rent of Sumit Handa, a former managing director and companion of Pennington Companions & Co., as its new chief funding officer. Within the position, he’ll oversee the agency’s funding technique, portfolio administration and asset allocation.
“Arax is pioneering a brand new multi-platform strategy to wealth administration,” Arax CEO Haig Ariyan stated. “Immediately’s bulletins display Arax’s attractiveness to main wealth managers, our dedication to best-in-class advisor assist and infrastructure, and retaining the perfect expertise within the business.”
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