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This Week's Wealth Management M&A Deals

The M&A deal announcements for the week of February 22, 2021.

This week’s deals included Wells Fargo’s sale of its asset management arm to GTCR LLC and Reverence Capital Partners for $2.1 billion and WWK Investments, the independent broker/dealer that closed its doors to keep client assets housed under one roof following Schwab’s acquisition of TD Ameritrade. 

Below are more deals along with firm-to-firm advisor moves announced for this week: 

Focus Financial Acquires $5B AUM Prairie Capital

Based in Kansas City, Mo., Prairie Capital manages $5 billion in AUM for ultra-high-net-worth individuals and institutions such as family offices, foundations and endowments. The firm is headed by Brian Kaufman, founder and managing director. The transaction will close in the second quarter of 2021. 

Rockefeller Nabs Another $1B Team

PBS Wealth Group, a $1 billion AUM firm in Newport Beach, Calif., joined from Merrill Lynch. The advisor team is composed of Alpesh Patel, Matthew Birkett and Darren Siegrist.

CVG Wealth Management Launches Independent Practice With LPL Financial

CVG Wealth Management, led by Richard Pakes, joined LPL from Wells Fargo Advisors, where it managed $315 million in advisory and brokerage assets. Pakes’ firm is located in Santa Barbara, Calif.

Price Financial Group Joins Carson Group Partners

Bo Caldwell, CEO, and Matt Mai, CIO, of Price Financial Group joined Carson Partners. Price Financial Group manages $172 million in AUM and has locations in Beaverton and Portland, Ore.

Paul Weinberger Affiliates With Cetera Financial Group

Clearwater, Fla.–based advisor Paul Weinberger has affiliated his investment and tax services with Cetera. Weinberger manages $123 million and joins from National Asset Management.

Father-Son Team Joins Sanctuary Wealth

Philip Noble and his son, Michael, of Noble Wealth Partners, joined Sanctuary Wealth’s partnered independence business model. The team manages $235 million and is based in Toledo, Ohio.

Lincoln Financial Recruits John Nelson

John Nelson joined Cleveland Financial Group, a Lincoln Financial Advisors firm, from Equitable Advisors. Nelson will operate out of CFG’s newly opened Akron, Ohio, office.

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