M&A
Goldman Sachs
The US banking giant has agreed to buy adviser platform Folio Financial.
The acquisition is expected to be completed in the third quarter of 2020.
The deal will bolster Goldman Sachs’ wealth management operation.
Folio has roughly 160 employees and $11bn in assets under custody for registered investment advisers (RIA).
The terms of the deal were undisclosed.
People moves
Virtue Asset Management
David Valenti has joined the firm in Barrington, Illnois as a fee-only financial adviser to high net worth clients.
He most recently was a senior vice president at Bank of America Private Bank in Chicago.
Regal Wealth Management
The New York-based RIA firm has named Jason Bell as managing director.
He was most recently was a financial adviser at UBS Financial Services.
Regal has also added investment adviser Aron Wegner to the team.
Wegner previously was an associate at Nomura Securities International.
First Republic Investment Management
The private bank and wealth management company has hired Brian Zakrocki and Joseph Wladyka as managing directors and wealth managers in New York.
Zakrocki was a managing director at Goldman Sachs, while Wladyka was a senior private wealth adviser at Goldman Sachs.
FL Putnam Investment Management
Peter Miniati has joined the firm as a private client adviser in the firm’s Providence office.
He recently served as managing director of wealth planning at Napatree Capital.
RBC Wealth Management
The wealth firm has hired a nine-person team to its Denver, Colorado office.
The Northern Colorado Wealth Management Group comes to RBC Wealth Management from UBS with approximately $600m (£493m, €554m) in client assets.
The team is composed of:
- Jason Burkett – senior vice president and financial adviser;
- Lance Crossett – senior vice president and financial adviser;
- Scott Baker – senior vice president and financial adviser;
- Donald Baker – vice president and financial adviser;
- Kyle Danford – associate financial adviser;
- Cindy Motiff – senior financial associate;
- Nicole Jernigan – senior registered client associate;
- Wendy Tjelmeland, senior registered client associate; and
- Austin Schuler – registered client associate.
Raymond James
The broker dealer firm has hired financial advisers Jason Jachimowicz and Lynn Shook to its office in Boulder, Colorado.
Jachimowicz and Shook join Raymond James from Morgan Stanley, where they previously managed approximately $140m in client assets.
The team operates as Emerald Peak Wealth Management of Raymond James.
