People Moves
BNY Mellon Wealth Management
Gary Lutz has become regional director, west region private banking at the wealth management firm.
He will oversee banking and lending services for individuals, entrepreneurs, endowments and foundations.
Lutz is based in Denver, Colorado and joins BNY Mellon from Century Bank where he most recently served as EVP/regional president.
Fiduciary Trust International
The global wealth manager and wholly-owned subsidiary of Franklin Templeton hired Taylor Custis as trust counsel and senior relationship manager.
She will be based in Atlanta, Georgia and work with local clients as well as colleagues in the mid-Atlantic area.
Custis was previously at Wells Fargo’s Abbot Downing business where she worked for 14 years and was most recently a senior wealth strategist.
Jackson Financial
Carrie Chelko will join the retirement planning firm as an executive vice president, effective from 30 August 2021.
She will be based in Lansing, Michigan.
Chelko will also take on the role of general counsel and secretary once Jackson’s split from Prudential is complete.
She succeeds Julia Goatley who will retire after having been in the roles since February 2021.
Chelko was previously at Fidelity Investments where she worked as senior vice president and chief compliance officer.
HTK
Aaron Gordon has joined broker dealer and registered investment advisory (RIA) firm Hornor, Townsend & Kent (HTK) as president.
He joins the Penn Mutual subsidiary from Licoln Financial Network where he was vice president of managed accounts sales.
LaSalle St
Teh group of wealth management companies has recruited Roger and Rebecca Hannan, a husband-and-wife team of financial advisers in the Chicago area.
They bring over $100m (£73m, €85m) in client assets.
M&A
Hightower
Wealth management business Hightower has acquired Denver-based wealth firm Investment Security Group (ISG), for an undisclosed sum.
ISG was founded in 1992 and has around $800m of assets under management.
It has 10 employees, including six advisers.
Focus Financial Partners
Two firms have joined the partnership of IRA and wealth firms Focus Financial Partners (FFP).
Siena Capital Management, trading as Siena Investments, has offices in Grand Ledge and Williamston, Michigan and will join FFP’s partner firm Buckingham Strategic Wealth, establishing a presence in the US state.
The deal is expected to close in the fourth quarter of 2021, subject to customary conditions.
Additionally, Parsippany, New Jersey-based Wechter Feldman Wealth Management will join FFP’s partner firm GYL Financial Synergies.
This will allow GYL to expand to New Jersey and the mid-Atlantic region. GYL is headquartered in West Hartford, Connecticut with another office in Westport, Connecticut.
Siebert Financial Corporation
Financial services provider Siebert has signed a non-binding letter of intent with wealth group Tigress Holdings to purchase a 24% interest in Tigress Financial Partners.
In exchange, Tigress will receive 24% of the outstanding membership interests in Siebert’s subsidiary WPS Prime Services and shares of Siebert common stock.
Cynthia DiBartolo, founder and chief executive of Tigress, will join Siebert’s management team when the M&A deal is finalised, which is expected by the end of the third quarter of 2021.
