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The Week in Wealth Management M&A

A succinct summary of mergers, acquisitions and movement in wealth management for the week ending March 26.

The pace of mergers and acquisitions seemed to retreat this week, but drama abounds. Boston Private responded to HoldCo’s claims of mismanagement and a low-ball valuation as the activist investor seeks to stop the firm's sale to Silicon Valley Bank.

In more genteel news, Cynthia Hewitt, who spent over four decades at Merrill Lynch, is stepping out of retirement to join Snowden Lane. A college course for retirees on the markets reignited her passion for the business, she said.

Below are more acquisitions, mergers and advisor moves for the week ending March 26, 2021.

LPL Picks Up Team From Advisor Group

LPL Financial’s office of supervisory jurisdiction Wealth Consulting Group pulled in a $450 million team from Advisor Group’s SagePoint Financial. 

UBS Scoops Up Two Advisors

Jin Hu comes to UBS’s New York City office from Merrill Lynch Wealth Management where she managed $11 million in assets under management and $700,000 in trailings. Advisor Fred Gatti joins UBS from HSBC Private Bank where he managed $600 million.

Four Advisors Join Alex. Brown

Alex. Brown, a division of Raymond James that serves individuals and institutions, successfully recruited a handful of wirehouses advisors. Christopher Murrle-Philippsen resides in Miami and joins from Wells Fargo; Lee Haverstock is located in Atlanta and joins from Morgan Stanley; William Taylor, a Winston-Salem, N.C., advisor, joins from Merrill Lynch and Mark Murphy is a Washington, D.C.–based advisor that joined from Janney Montgomery Scott. The advisors collectively manage $700 million assets under management. 

RBC Wealth Management Nabs a $240 Million Merrill Lynch Team

Advisors Aaron Keith and Ryan Carr are the latest RBC Wealth Management recruits. The two advisors who collectively managed $240 million at Merrill Lynch join RBC’s Florham Park, N.J., office.

Sanctuary Wealth Adds Two Firms

Former Merrill Lynch advisors Michael Hull and Ben McAnally of Hull & McAnally Group have joined Sanctuary. The duo will now operate under the name Cedar Wealth Management in Abilene, Texas. 

Sanctuary also added RHA Wealth, a Raleigh, N.C., firm managing approximately $250 million in client assets. The firm is headed by John Rumsey, Robert Hartinger and Clark Abbott.

U.S. Bancorp Loses Advisor to oXYGen Financial 

Advisor Matt Goldstein exited U.S. Bancorp for Kestra Financial. Goldstein joins oXYGen Financial, an Atlanta-based firm with $1.9 billion in AUM, at the firm’s recently opened location in Boulder, Colo.

Tim Vanderloo Trades in Life at Wells Fargo for LPL Financial

Tim Vanderloo, who managed $200 million at Wells Fargo, has joined Silver Leaf Wealth Management, a $1 billion firm affiliated with LPL Financial.

Americana Partners Hires Ronald Thacker as President

Ronald Thacker previously worked at Morgan Stanley Wealth Management as the firm’s managing director and regional director, leading the firm’s central region. Thacker joins $3.5 billion Americana Partners that is based in Houston, but Thacker will work from Austin.

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