Sanctuary Wealth, the Indianapolis-based wealth management firm founded in 2018 that has quickly built its business by courting breakaway advisors from the wirehouses, said Tuesday that it agreed to take full ownership of NorthView Asset Management, the RIA it bought 25% of last October.
Terms of the deal were not disclosed.
Jim Dickson, CEO of Sanctuary and a longtime Merrill Lynch veteran, told WealthManagement.com that Northview, with $350 million in assets under advisement, will lead a newly created division, Advisor Solutions Group.
Advisor Solutions Group, led by NorthView founder Rich Williams, will offer Sanctuary Wealth’s financial advisors access to boutique-style alternative investments and enhanced research and trading capabilities, Dickson said,
The trading component will allow advisors to get better execution on fixed income products, he said.
“During the pandemic, the fixed income market has become very dislocated. Credit spreads are all over the place,” Dickson said. “Now an advisor can call in, get a quote from our desk and get a counterbid without having to go through our custodian.”
Advisor Solutions Group was recently boosted to 12 employees, four of whom were recently hired, and Dickson said it is looking to add more staff.