RIA aggregator Wealth Enhancement Group, which was acquired by private equity firm TA Associates in July 2019, has acquired Oakwood Capital Management, a Los Angeles–based RIA with $1.04 billion in client assets. The deal is WEG’s second acquisition in the Southern California area, following its acquisition of Pillar Pacific, an RIA in San Marino, Calif., in June.
Terms of the deal, which closed on June 30, were not disclosed. Echelon Partners advised Oakwood on the transaction.
Oakwood will now be known as Oakwood Team at Wealth Enhancement Group, and Bruce Mandel, the RIA’s president and CEO, will serve as managing director.
Oakwood has 14 employees, including five client-facing financial advisors, and specializes in wealth management, investment management, asset management and financial planning for high-net-worth professionals, retirees and younger, tech-savvy clients.
“Bruce Mandel and his team at Oakwood Capital Management have built an excellent wealth management practice in the heart of Los Angeles that still has significant room to grow,” said Jeff Dekko, CEO of WEG, in a statement. “With our support, they will be able to streamline their operations and offer an even higher level of service than before, without compromising the personal touch their clients have come to expect.”
WEG has been growing rapidly through acquisition recently, with this latest deal bringing its total assets to more than $37 billion.
So far this year, WEG has acquired Reby Advisors, North American Management, Pillar Pacific, Hoover Financial Advisors and Lighthouse Wealth Management. In 2020, it completed six transactions that amounted to $7 billion in assets, and, in 2019, it purchased five firms that totaled $4.5 billion in assets.
Earlier this year, the firm beefed up its board of directors with the addition of Morningstar CEO Kunal Kapoor to guide its technology stack improvements.