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Wealth Management Deals of the Week

The mergers, acquisitions and advisor moves announced the week of March 8, 2021.

This week in wealth management deals included Cetera’s acquisition of $490 million AUM firm MAGIS Financial Partners, an independent broker/dealer with a separate registered investment advisor in Philadelphia. CI Financial, the Canadian RIA roll-up, purchased $2.5B AUM Barrett Asset Management, based in New York, its 15th deal since entering the U.S. market in January 2020. 

Litman Gregory announced it was to be acquired by French asset management firm iM Global Partner. Litman Gregory’s asset management business will be part of iM’s U.S. distribution of investment products, but its wealth management business will operate independently, executives said.

After announcing its sale to SVB Financial, Boston Private is shedding some advisors. John Tassone and Jeffrey Kaufman in Boca Raton, Fla., left Boston Private Wealth to join Lido Advisors, an RIA headquartered in Los Angeles.

In the capital raising space, Merchant Investment Management took a noncontrolling minority stake of an M&A deal-making company based in North Carolina, started by a former acquisition advisor for United Capital.

Below are more mergers, acquisitions and advisor moves for the week of March 8, 2021.

$1.5 Billion Maentz Machlovitch Group Joins Rockefeller

Los Angeles–based Maentz Machlovitch Group that managed $1.5 billion at Morgan Stanley has joined Rockefeller Capital Management’s Southwest Division. The practice specializes in high-net-worth and ultra-high-net-worth families and provides institutional investment services to Native American tribes and Alaskan native corporations.

$1.1 Billion Team the Fortney Group Joins UBS

The Fortney Group joins UBS Financial from Morgan Stanley. The team, which managed $1.1 billion in client assets, is based in Houston. Grant Fortney, Scott Fortney and Michael B. Nichley and their three-member support staff provide wealth management services to ultra-high-net-worth individuals, families and executives.

Integrated Partners Nabs the Vedder Group

The Vedder Group, a $250 million AUM hybrid advisory team in Tallahassee, Fla., left Northwestern Mutual to join Integrated Partners as a partner firm. The four-person team includes CEO Scott Vedder; Wyndi Pelt, director of marketing and business operations; Lori Halligan, director of investment operations; and Nicole Sabol, associate wealth management advisor.

Mercer Adds $740 Million AUM California Team

Mercer Advisors acquired San Diego–based Epstein & White Financial and Epstein & White Retirement Income Solutions. Epstein & White has a team of 20 and manages $740 million in client assets for affluent and high-net-worth clients. 

International Wealth Management Team Leaves Wells Fargo for Insigneo

Financial advisors Alain Guerra and Edward Varona, along with sales associate Vivian Pino, managed $345 million in client assets from the United States and Latin America. The advisor duo joined Insigneo’s independent broker/dealer and RIA network in Miami.

Ameriprise Recruits 11-Person Team From Next Financial Group

Integrity Financial, an Independence, Ohio–based wealth management firm managing $200 million in client assets, joined Ameriprise from Next Financial Group. The team includes lead advisor Bob Ross, partner Craig King, and financial advisors Terence Hagedorn and Matthew Caton, and seven support staff members.

LPL Financial Recruits the Fox Alliance From Cetera

The Fox Alliance managed $260 million in client assets at First Allied, a Cetera network broker/dealer. It joins LPL’s broker/dealer and corporate registered investment advisor

Morgan Stanley Loses Sierra Pacific Wealth to Prospera Financial Services

Sierra Pacific Wealth managed $375 million in AUM at Morgan Stanley and left, in part, to "embrace the trend of wirehouse exodus." The firm is composed of Ryan Hyslop, Michael DuBoise, Brittany Surina and Ben Sloves, with offices in California, Nevada, New Mexico and Texas.

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