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Friday, December 8, 2023

RIA Roundup: Mercer Scoops 2 Corporations, $580M in Property

Mercer World Advisors introduced two acquisitions this week, including greater than half a billion in consumer belongings, whereas Robertson Stephens added a New Jersey agency managing round $285 million.

In different offers introduced this week, Wealth Enhancement Group expanded its Denver presence; NewEdge Wealth grew its Miami workplace with the addition of an fairness portfolio supervisor from Wellington Administration; Hub Worldwide added retirement planning experience; Kestra Monetary added a five-person workforce from Cetera; and an RFG unbiased advisor joined an RFG agency.

In earlier reported information, Cerity Companions added $2.5 billion AUM AJ Wealth in New York Metropolis.

Mercer Scoops Up 2 Corporations, $580M in Property

Mercer World Advisors has acquired Day & Ennis, an SEC-registered agency primarily based in Macon, Ga.

Day & Ennis agency was based in 1998 by John Day, who was later joined by companions William Ennis and Matthew Heller. The agency manages about $400 million for greater than 250 purchasers.

“We realized we wanted so as to add scale to our enterprise in addition to deliver different experience below our enterprise tent,” Day mentioned in a press release. “For us, it was a choice to both construct it ourselves or be part of an present bigger agency that shared our mission, imaginative and prescient, and values, with the dimensions and extra in-house companies we have been trying so as to add.”

Day mentioned he was launched to Dave Barton, who heads up mergers and acquisitions exercise for Mercer, by John Eubanks, managing director at boutique funding financial institution Park Sutton Advisors.

“Smaller markets like Macon proceed to be a lovely alternative for RIA acquisitions,” mentioned Eubanks. “I’ve identified John, Invoice and Matt for greater than 15 years, they usually have at all times maintained a client-centric, planning first mentality. Wealth administration companies that lead with monetary planning stay extremely wanted.”

Mercer additionally introduced the acquisition of Mallard Monetary Companions in Newark, Del., with 13 workers, together with 10 advisors, managing greater than $180 million in consumer belongings for about 230 purchasers and 10 charities. It was based in 1996 by Paul Baumbach, and is co-managed by Baumbach and Joe Daigle.

“[We are] cognizant that the following development section of our agency requires a major infrastructure construct,” Baumbach mentioned in a press release. “We decided that one of the best path ahead for our purchasers, and us, was to hitch a agency that had already achieved this heavy raise, relatively than to construct it from scratch.”

Primarily based in Denver and majority owned by Oak Hill Capital and Genstar Capital, Mercer World Advisors manages round $48 billion in consumer belongings throughout greater than 80 places nationwide.

Tom Hagerstrom Joins Robertson Stephens, Creating 4th NE Workplace

Robertson Stephens Wealth Administration has grown its presence within the nation’s Northeast with the addition of Haymarket Wealth Administration in Madison, N.J., an RIA managing roughly $285 million in consumer belongings.

Founder Tom Hagerstrom will be part of Robertson Stephens as principal and managing director, representing the agency’s fourth workplace within the area and its third within the New York tri-state space. Previous to founding Haymarket in 2012, Hagerstrom was in funding banking with JPMorgan after spending seven years as a managing director at Bear Stearns.

The addition brings Robertson Stephens to greater than $4.1 billion in belongings, with 79 workers throughout 17 places in California, Idaho, Texas, Washington, Colorado, Massachusetts, New York Metropolis and, now, New Jersey. The agency has its headquarters in San Francisco.

“Becoming a member of Robertson Stephens permits me to offer a broader set of companies for my purchasers,” Hagerstrom mentioned in a press release. “The agency’s integration between wealth planning and funding administration is aligned with my philosophy of a customized and built-in strategy to wealth administration.”

Robertson Stephens completes between two and 5 acquisitions a 12 months, based on CEO Raj Bhattacharyya.

“Our means is to work intimately with these companies to see what’s working, what is not and successfully cross pollinate these greatest practices to different companies,” he mentioned, talking on a panel of M&A consultants hosted by PR agency JConnelly in New York Metropolis final month. “So, the explanation why we’re in a position to develop so properly each inorganically and organically is as a result of we’re serving to companies faucet into what’s working.”

Wealth Enhancement Group Grows in Denver with Ryan Monetary

Wealth Enhancement Group, a Minneapolis-based RIA with greater than $65 billion in belongings, introduced the acquisition of Ryan Monetary in Denver. Led by CEO Robert Ryan and President Erik Anderson, the four-person workforce oversees greater than $200 million in consumer belongings, together with $31 million in brokerage belongings held at LPL Monetary. 

“After 23 years as a non-public, unbiased agency, the companions and advisors at Ryan Monetary Inc. are keen to hitch forces with Wealth Enhancement Group,” Ryan mentioned in a press release. “We’re aligned with the agency’s values, and this partnership will enable us to supply our purchasers extra companies by way of Wealth Enhancement Group’s Roundtable workforce of specialists.” 

“We’re excited to be increasing our presence within the Denver metro-area. Robert, Erik and the workforce will assist us speed up development available in the market,” added WEG Chief Investments and Enterprise Growth Officer Jim Cahn.

The addition of Ryan brings WEG to greater than $67.2 billion in advisory, belief and brokerage belongings throughout greater than 53,000 purchasers nationwide.

NewEdge Wealth Expands Miami Workplace with Former Wellington Administration Companion

NewEdge Wealth, a boutique RIA serving ultra-wealthy purchasers, has added Gregory Pool to its rising Miami workplace, established final October and led by Managing Director Patrick Dwyer.

Pool joins from Wellington Administration, a Boston-based asset supervisor with greater than $1.2 trillion in regulatory belongings below administration, the place he managed multi-billion-dollar international fairness portfolios, based on an announcement. The ninth member on the Miami workforce, he’ll work alongside Dwyer as a managing director on the agency and sit on the NewEdge Wealth funding committee.

“Bringing Gregory aboard serves to bolster our portfolio administration companies and drive continued development as we make the most of his years of expertise in managing international portfolios and groups,” mentioned CEO and co-founder Rob Sechan. “Our Miami workplace opened lower than a 12 months in the past, and we proceed to draw extremely gifted people to that workforce.”

“South Florida stays top-of-the-line markets to serve ultra-high-net price households, particularly as they take into account generational switch in a turbulent market surroundings,” added Pool.

After launching in December 2020, NewEdge Wealth has grown quickly organically and thru acquisitions, at the moment overseeing a number of billion in belongings for fewer than 2,000 ultra-wealthy purchasers. Primarily based in Stamford, Conn., the agency has eight extra places after increasing into three new markets in 2023, including advisors and workplace area in San Francisco, Nashville and Northwest Arkansas.

NewEdge Wealth is a part of NewEdge Capital Group, together with NewEdge Advisors, the agency’s platform partnership mannequin, and NewEdge Securities, which gives institutional buying and selling companies and associated expertise. Collectively, they oversee a collective $36 billion in belongings for greater than 75,000 purchasers.

Hub Worldwide Bolsters Retirement Planning Capabilities with SC Agency

Hub Worldwide Restricted, a world insurance coverage brokerage and monetary companies agency primarily based in Chicago, has acquired the belongings of Golden Inexperienced, Inc., d.b.a. Golden Nook Wealth Advisors, because it continues to construct out its retirement and personal wealth division.

Positioned in Seneca, S.C., Golden Nook supplies wealth administration and retirement planning companies for round 380 purchasers, two charities and a handful of companies with greater than $130 million in managed belongings, per a Type ADV filed early final month.

Founder Jim Charbonneau and a workforce of three will be part of Hub Carolinas, serving to Hub to broaden retirement consulting companies within the area, based on an announcement. The a number of RIA associates below the retirement and personal wealth enterprise at the moment oversee roughly $148 billion. 

The workforce will retain branding, with the addition of a Hub tagline.

$120M Crew Joins Kestra Monetary

Kestra Monetary introduced the addition of Mission Monetary Planners, a hybrid RIA with $120 million in consumer belongings beforehand with Cetera.

Led by managing members Kenneth Hamilton, Jason Duffaut and Matt Donaghue, the five-person workforce supplies monetary schooling, wealth administration and retirement planning companies for purchasers at all ages.

“We would have liked a accomplice that may allow us to be unbiased and improve our entrepreneurial spirit whereas supporting our development initiatives by way of aggressive advertising, enterprise consulting and compliance assets to assist us develop,” Donaghue mentioned in a press release.

Mission will acquire entry to the complete ecosystem of Kestra companies and assets, based on the announcement, together with an funding administration platform backed by a workforce of consultants.

“Welcoming Matt, Kenneth, and Jason strategically made sense—our values align and geographically, they’re primarily based in our yard in San Antonio,” mentioned Kestra EVP of Enterprise Growth Daniel Schwamb. “We sit up for enhancing their enterprise and offering them with extra freedom to serve their purchasers.”

Primarily based in Austin, the Kestra Monetary platform contains a branded dealer/supplier and two RIAs supporting greater than 1,800 advisors with greater than $150 billion in managed and suggested belongings.

RFG Agency in Alabama Provides RFG Advisor

Brock Eson, an unbiased advisor on the RFG Advisory platform, has joined one other RFG agency, Investor’s Useful resource in Huntsville, Ala., as accomplice.

A Huntsville native, Eson has been operating his personal observe for nearly three years, following greater than 12 every with Pittman Monetary Companions and Strategic Monetary Companions in Birmingham, Ala., based on his LinkedIn web page.

Investor’s Useful resource is now a six-person workforce, led by CEO and founder Shari Burnam.

The agency supplies advisory companies by way of RFG Advisory, a Birmingham-based hybrid RIA partnership platform offering companies, expertise and assets, and gives securities although “RIA pleasant” dealer/supplier Non-public Shopper Companies. There are greater than 35 companions on the RFG platform, comprising near 200 workers and 90 advisors overseeing $3 billion in belongings for nearly 10,000 purchasers.

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