M&A
Lazard Asset Management (LAM)
The global investment firm has acquired advice company Truvvo Partners for an undisclosed sum.
The US-based firm with $3.8bn of assets under management (AUM),
Truvvo and LAM have formed Lazard Family Office Partners, which combined will manage approximately $8bn (£6.7bn, €7.5bn) in assets, including LAM’s existing US private client business, and provide advice and investment solutions across public and private markets.
Lazard Family Office Partners will integrate investment management, risk management, and family office services into one offering to help meet the evolving needs of our clients.
As a result of Truvvo joining LAM, the firm’s global wealth management AuM, including assets managed across the firm’s European wealth management business, will total approximately $22bn.
Truvvo’s team, including Partners Casey Whalen, Jerome Antenen, Alison Rosenzweig, Caitlin Reynolds and Danielle Roseman, will be based in the New York office.
Integrated Partners
The national financial planning and registered investment advice (RIA) firm has acquired California-based Laurel Wealth Advisors.
Laurel Wealth Advisors was founded in 2011 by financial services industry veterans Lee Tripodi and Mark Welsh.
The financial terms of the deal were not disclosed.
Clearstead Advisors
The high net worth focused independent financial advice firm has acquired New Mexico-headquartered wealth manager Avalon Trust for an undisclosed sum.
The firm also has additional offices in Ridgewood, New Jersey, and Portland, Oregon.
The combined firm will oversee $28bn of assets under advisement and management.
Avalon, including its 13 employees, is managed by Andrew Wallerstein, Christine McDermott, and Julia Peters, all of whom will continue as senior leaders in the combined firm.
People moves
Americana Partners
The RIA firm has hired Phillip Knight, Amy Lawler, Charles Bailey, and J. Tom Snelson have joined the firm from Morgan Stanley.
Previously known as The Fidelis Wealth Management Group, the team managed $715m in client assets while at Morgan Stanley. The four advisers and their team will drive the creation of Americana Partners’ newly created Permian Basin office in Midland, Texas.
UBS Wealth Management USA
Financial Advisers Brian Mariash and James Barton Lowther have joined the firm in Sarasota, Florida.
Together with their six-person team, Mariash Lowther Wealth Management, they manage nearly $640m in client assets for ultra-high net worth individuals and families.
They join from Merrill Lynch Wealth Management.
