M&A
JP Morgan
The banking giant has agreed to acquire OpenInvest, a financial technology company that helps professionals customise and report on values-based investments.
Founded in 2015, OpenInvest’s products allow financial advisers to build, manage and report on their environmental, social, and governance (ESG) portfolios.
The company will retain its own brand and be integrated into JP Morgan’s private bank and wealth management client offerings.
The financial terms of the deal were not disclosed.
HSBC Asset Management
The asset manager has acquired a minority stake in Radiant ESG, a US-based, ESG and diversity and inclusion (D&I) focused consulting firm.
It was co-founded by Heidi Ridley and Kathryn McDonald, former chief executive and head of sustainable investing at Rosenberg Equities respectively.
With HSBC Asset Management’s backing, Radiant ESG will become RadiantESG Global Investors, a female-owned, independent asset management firm focused on next generation ESG investment opportunities for institutional and wealth management clients worldwide.
The newly formed firm intends to grow its team over the course of the year and will seek an additional strategic partner to assist with infrastructure and distribution in the US and “key markets”.
CI Financial
The financial services firm has acquired wealth manager Radnor Financial Advisors.
Radnor, based in Wayne, Pennsylvania, brings approximately $2.6bn (£1.88bn, €2.19bn) to CI’s US registered investment adviser (RIA) operation.
The acquisition marks CI’s 19th in the US since January 2020,
The financial terms of the deal were not disclosed.
Focus Financial Partners
The partnership of independent wealth management firms has bought Badgley Phelps Wealth Managers, an RIA firm headquartered in Seattle, Washington.
The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions. Financial terms were not disclosed.
Founded in 1966 by Walter Phelps and Charles Badgley, Badgley Phelps provides customised wealth and investment management services to ultra-high net worth and high net worth families and individuals, corporations and foundations.
People moves
iCapital Network
The global financial technology platform has named Anastasia Amoroso as chief investment strategist.
Amoroso joins iCapital from JP Morgan, where she spent eight years, most recently as head of thematic strategy in the firm’s private bank.
BNY Mellon Wealth Management
Crystal Thompkins has been named as head of philanthropic solutions.
She joined BNY Mellon Wealth Management more than 15 years ago.
Prior to this role, she was the national director of gift planning services.
Also, BNY Mellon Wealth Management has appointed Alicia Levine as head of equities, capital markets advisory and vice chair of its investment strategy committee.
She succeeds Sinead Colton Grant, who was appointed global head of BNY Mellon Investor Solutions.
Levine joined BNY Mellon in 2016 and most recently served as the chief strategist and managing director of BNY Mellon Investment Management.
City National Bank
The Royal Bank of Canada backed bank has hired a team of private bankers to serve the greater Philadelphia area.
The team is based in Radnor, Pennsylvania, and specialises in the financial needs and challenges of ultra-high net worth clients.
Led by Matthew Salvitti, Tim Pippet and David Elliott, the team joins from JP Morgan.
Raymond James
Amy Smart has been named as Cleveland, Ohio complex manager.
She joins from Merrill Lynch, where she most recently served as director, market executive for central Minnesota and associates.
Raymond James has also hired eight financial advisers in Manhattan and Clay Center, Kansas.
Joining Raymond James and Beyond Wealth Advisors (BWA), an existing subsidiary practice, are financial advisers Ross McDonald, Anthony Gorman, Ryan Hayden, Diane Freeby, Mathew Bishop, Devin Schwartz and Dillon Kohman from the Manhattan office.
They are joined in the Manhattan office by client service associates Gwenda Bishop, Lisa Dziedzic and Lorie Grogg.
Kurt Haberer will join the Clay Center office.
The financial advisers and team members joined from Waddell & Reed, where they previously managed approximately $300m in client assets.
