The Threshold Group, a Seattle-based wealth management firm founded by the Russell family (of Russell Investments) was acquired by a firm in New York. Terms of Tiedemann Wealth Management's purchase were not disclosed, according to The Seattle Times. Threshold oversees roughly $3.4 billion in assets, and Tiedemann has $15 billion under advisement. George and Jane Russell founded Threshold after he sold the global investment services firm, Russell Investments.
Capitol Securities Switching to Raymond James Custody and Clearing
Capitol Securities Management, Inc. is switching to Raymond James Custody & Clearing Division from BNY Mellon's Pershing, the firms announced. Glen Allen, Va.-based Capitol Securities, a regional brokerage and investment firm, boasts of a dozen offices from New England to Florida and manages approximately $5 billion in client assets. The change is expected to take effect in the spring of 2018. Joseph Jianos, Chairman & CEO of Capitol Securities said, “We did not make this decision to change lightly, but we needed a correspondent clearing partner who could help us not only maintain, but also assist in growing our financial advisor population by providing superior products and service levels.”
Buffalo-Area Advisor Charged With Fraud
A financial advisor from Williamsville, N.Y. has been arrested on fraud charges. Michael Giokas, founder of Giokas Wealth Advisors, allegedly stole $200,000 from a client who believed the money would be placed in an investment that would yield an 8 to 9 percent return, the Buffalo News reports. The money "was instead spent by the defendant on personal charges," Assistant U.S. Attorney Paul E. Bonanno said. Giokas, who was arrested Wednesday and later released on bail, said through his lawyers that he would fight the charges. "Frankly, he's sad and ashamed of the charges and vehemently denies them," defense attorney Sunil Bakshi said.