myCIO Wealth Partners headquarters

myCIO Wealth Partners headquarters

AMG Buys Majority Stake in myCIO Wealth Partners

Global asset manager Affiliated Managers Group has just added to its portfolio of boutique wealth advisory firms, acquiring a majority interest in Philadelphia-based myCIO Wealth Partners, one of the largest RIAs in the country with $7 billion client assets. The terms of the deal were not disclosed.

In June 2011, Affiliated Managers Group launched subsidiary AMG Wealth Partners, with the goal of acquiring equity in top boutique wealth management firms. Most recently, the firm acquired the $6 billion in client assets managed by Baker Street Advisors. The partners were previously with Goldman Sachs.

According to a statement, myCIO’s partners will still hold a substantial portion of the firm’s equity and be responsible for its day-to-day operations. The firm, lead by senior partners David Lees, James Biles and Paul Bracaglia, provides financial planning and investment management for corporate executives, families, endowments, trusts and retirement plans.  

Mergers and acquisitions within the registered investment advisory space are off to record start this year, with a record-breaking 34 transactions in the first quarter of 2015, according to DeVoe & Company. That compares to 10 deals in the first quarter of 2014. Overall, about $90.3 billion in assets under management changed hands during the first quarter via M&A activity, DeVoe estimates. 

 

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