Lido Advisors upped its assets under management from $5.3 billion to $7.26 billion year over year, the company announced. The Los Angeles-based firm has gone on a campaign to tout its $2 billion increase in the face of last year’s tumult.
“We had a phenomenal year last year even with COVID,” said Greg Kushner, Lido’s founder and senior managing director, during a Zoom conference call. “We were still adding assets at a rapid pace.”
The 35% jump in AUM stemmed from the close of two acquisitions and the addition of seven financial advisors. Lido has almost 2,000 client accounts, primarily focuses on high net worth individuals, and employs over 80 people, 32 of which provide investment advice, according to its most recent Form ADV.
In November, Lido acquired First Western Financial’s fixed income team that manages $700 million in AUM. The new firm was renamed Oakhurst Capital Management to match its sister organization and Lido affiliate, Oakhurst Advisors. A month after its First Western announcement, Lido in December announced it purchased a wealth management team from Quantam Capital Management.
The LA firm’s advisor force grew with the addition of former Bank of America private banker Hedieh Bolour; Dani Comart and Colin Grover from J.P. Morgan; Susan Kim from Decker & Co.; Shawn Moran from Crawford Investment Counsel; Marc Ordona from Morgan Stanley and Ann-Marie Sandquist from Charles Schwab.
Lido did not comment on any advisor attrition, but stated that it did not downsize the firm.
“What I’m most proud about is how the team reacted to some really tough circumstances,” said Jason Ozur, Lido’s president.
When the pandemic pushed state governments to issue work form home orders, Lido rose to the occasion as it had already set up a work from home infrastructure a few years ago. Employees had been working from home or remotely one or two days out of the week, according to Ozur.
The only difference in 2020 was that Lido increased its level of client services and communications to ease concerns around the markets and investment accounts.
“I think 2021 brings more challenges: When markets are at all time highs and interest rates are at all-time lows—or around that—it’s a very difficult environment and we’ve been able to manage through all that,” he said.