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This Week in Wealth Management M&A Deals

The mergers, acquisitions and advisor moves you may have missed the week of May 3, 2021.

This week started with Canadian serial acquirer CI Financial’s agreement to sub-acquire a $2.4 billion firm. CI Financial’s affiliate Congress Wealth Management will purchase Pinnacle Advisory Group and will boost its assets under management to $5.8 billion.

Next, Creative Planning returned to the M&A scene to announce its acquisition of a Virginia registered investment advisory firm with $5 billion in AUM. The 30-year-old Sullivan, Bruyette, Speros & Blayney, will join Peter Mallouk’s national financial planning firm in the Washington, D.C. area.

Finally, despite a public proxy fight from a disappointed shareholder, Boston Private was able to get majority shareholder approval to merge with Silicon Valley Bank’s parent, SVB Financial. 

UBS continued to pull in high-producing teams this week. The firm added a seven-person team that managed $2 billion in AUM at its previous employer, Bank of America, in the private client division. 

Cetera helped a former MML office of supervisory jurisdiction launch as an independent brokerage firm in the Gulf Coast of Texas. The OSJ, Totus Wealth Management, expects to get $2.4 billion in AUM to its platform.

Below are more mergers, acquisitions and advisor moves you may have missed the week of May 3, 2021.


Carolina Capital Joins Buckingham Strategic Wealth

Focus Financial Partners’ partner firm Buckingham Strategic Wealth has added Carolina Capital Consulting, an RIA based in Charlotte, N.C.. The 27-year-old firm was founded by Brian Fenn and services professionals in the Charlotte area, including business owners, healthcare professionals and execs. Focus Financial declined to disclose Carolina’s AUM.

RBC Added a $900M AUM Team

The Meridian Group in Roanoke, Va. departed UBS where it managed $900 million in assets to join RBC Wealth Management. 

Wells Fargo Loses Five Advisor Teams

Casper, Wyo.-based team that managed $600 million in AUM left Wells’ private bank unit for Ashton Thomas. A second team based in Colorado that managed $244 million in AUM at Wells Fargo Advisors moved to D.A. Davidson & Co. The third team, NavaSync Private Wealth, also from Wells Fargo Advisors where it managed $250 million, is based in Shrewsbury, N.J. and went independent with Sanctuary Wealth. The fourth team, The Heald Wealth Management Group in Wellesley, Mass. that managed $460 million, has left Wells for RBC Wealth Management. In Rochester, Minn., Jim Galkowski left Wells Fargo for Baird.

LPL Financial Adds Kraner and Platinum Wealth Advisors

Kraner, a Montvale, N.J.-based firm with $200 million in client assets, has joined LPL Financial’s Independent Network of Consultants & Advisors (INC Advisors). The firm was started by CEO and president Vladislav Zherenovsky in 2010 and has employees throughout New Jersey and Iowa. Also joining LPL but through Gladstone Wealth Partners is Michael Cuttita from Bank of America Merrill Lynch where he managed $120 million in assets.

$109M AUM Duo Leaves Frontier Wealth for WealthSource

Advisors David Baysinger and Kelly Elsensohn in Castle Rock, Colo. joined WealthSource from Frontier Wealth Management. Baysinger and Elsensohn manage $109 million across 44 clients, 29 of which are high-net-worth families.

Global Wealth Advisors Hires Gerard Longo

Global Wealth Advisors has hired Gerard Longo, formerly with Oakmont Capital Management, to run its new office in Pittsburgh, Pa. 

Macquarie Group Completes Waddell & Reed Financial Acquisition

Macquarie Asset Management, the asset management division of Macquarie Group, has completed its acquisition of Waddell & Reed’s asset management business. The firm sold Waddell & Reed’s wealth management business to LPL Financial.

CI Financial Completes Three Acquisitions, Gains $31B

CI Financial completed transactions for Segall Bryant & Hamill, a Chicago firm with $23 billion in AUM; Barrett Asset Management, a New York firm with $2.5 billion in AUM and Brightworth, a $4.7 billion in AUM firm based in Atlanta. CI’s U.S. assets increased to $70 billion, and its overall AUM rose to $280 billion.

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