M&A
Mercer Global Advisors
The advice firm has made three acquisitions in a week.
It has bought Minnesota-based Fure Financial, California-based Berkson and Oklahoma-based Bivin and Associates for an undisclosed sum.
Fure Financial serves approximately 300 clients with assets under management of approximately $260m (£209m, €246m). Fure Financial was founded in 1985 by Johannes Fure, president, senior wealth adviser and chief investment officer. Its entire team will also be joining Mercer Advisors.
Berkson is a wealth management firm with a tax and accountancy offering. It serves approximately 100 clients with assets under management of approximately $185m. Berkson was founded in 1995 by Steven Berkson. Berkson’s entire team will also be joining Mercer Advisors.
Bivin has assets under management of approximately $130m and was founded in 1994 by president Stan Bivin. The firm’s entire team will also be joining Mercer Advisors.
OneDigital Investment Advisors
The registered investment adviser (RIA) firm has acquired fellow advice company TimeScale Financial for an undisclosed sum.
The acquisition marks OneDigital’s fifth transaction in as many months.
TimeScale currently manages approximately $3bn in assets across wealth management and retirement plan advising. TimeScale’s 19-employee team will join OneDigital led by James Horrocks, senior vice president of retirement and wealth; Kate Asack, vice president operations; and Neil Tremblay, vice president of retirement.
Rockefeller Capital Management
The financial services group has acquired the wealth management business of Florida-headquartered Spearhead Capital for an undisclosed sum.
Within Rockefeller Global Family Office, the team will operate as The Bostwick Walters Group, comprised of 12 financial professionals serving approximately 70 families and representing assets of more than $1.5bn.
The Bostwick Walters Group is led by managing director and private wealth adviser Jarrett Bostwick and managing director and private wealth adviser Todd Walters.
It joins the firm’s southeast division, led by Kristen Sario.
Lumiant
The Aussie advice and client engagement platform has secured a $3m investment to support its expansion in the US from strategic investor Savant Wealth Management.
The move will accelerate Lumiant’s international expansion into the lucrative US financial planning and advice and the accountancy services markets.
As Lumiant’s first customer in the US, Savant will be taking a minority stake in Lumiant’s US business.
Savant chief executive and founder Brent Brodeski will now take a seat on the Lumiant board.
Cary Street Partners
The financial services group has agreed to acquire Dixon, Hubard, Feinour & Brown (DHFB) from Atlantic Union Bank for an undisclosed sum.
Founded in 1981, DHFB is a Virginia-based wealth management firm with approximately $1.6bn in assets under management.
The transaction will bolster Cary Street Partners’ existing Virginia wealth management footprint by adding locations in Roanoke, Charlottesville and Arlington.
After the deal completes, Cary Street Partners will advise nearly 6,000 clients on approximately $7bn in assets across all its subsidiaries.
Coldstream Wealth Management
The wealth manager has merged with Alaska-based LWM Wealth Management.
LWM has approximately $170m in assets under management and is owned by Roy Wells and Mark Griffin.
As part of the deal, LWM will operate under the Coldstream brand. Upon completion of the merger, Coldstream will have 26 financial advisers, 122 employees and more than $7bn in assets under management.
The financial terms of the deal were not disclosed.
Allworth Financial
The RIA firm has bought UAS Wealth Advisors of Albuquerque, New Mexico.
The financial terms of the agreement were not disclosed.
Founded in 1990, UAS specialises in providing retirement planning and investment management advice.
The firm has grown to over $427m in assets under management and serves approximately 290 clients throughout New Mexico and the greater southwestern US.
The Mather Group
The wealth management firm has purchased RIA business Multi-Fund Management for an undisclosed sum.
MFM was founded in 1994 and, since 1995, has been led by David Handmaker, who has joined The Mather Group as part of the acquisition.
People moves
BNY Mellon Wealth Management
The wealth manager has named Gonzalo Acevedo as senior client strategist.
Gonzalo joins BNY Mellon Wealth Management from Safra National Bank of New York, where he served as a senior vice president.
In other news, BNY Mellon Wealth Management has expanded its Boston office with the hiring of wealth managers Justin Esposito and Chris Martinson.
Esposito joins from Bank of America Private Bank, where he served as a portfolio manager, vice president.
Martinson joins BNY Mellon Wealth Management from Citi, where he most recently worked as an ultra-high net worth investment counsellor.
UBS
The wealth giant has announced several structural and organisational changes to its southern California private wealth and wealth management divisions, effective 1 June.
According to an internal memo, Lauren Gorsche will serve as market head of the newly integrated private wealth management and wealth management operations in metro Los Angeles.
She will continue to oversee the Los Angeles private wealth management branch and satellites, with added responsibility for the west Los Angeles operation, in an expanded role leading the Century City and Beverly Hills wealth management offices.
There will be no change to the existing West Coast private wealth management market structure or management team.
Also, Jim Kottoor will assume the role of market head for the newly created greater Los Angeles market, including Sherman Oaks, Bakersfield, Santa Barbara and Westlake Village – all formerly part of the West Los Angeles market – as well as Downtown Los Angeles, Manhattan Beach and the Pasadena complex.
Leslie Chang has been named Pasadena complex director and will oversee Pasadena, Seal Beach, and Brea.
Justin Frame will serve as market head of the southern California market, which includes the former San Diego market division offices of San Diego, La Jolla, Carmel Valley, Rancho Bernardo, Riverside and Redlands, Indian Wells and Hawaii, as well as the Orange County offices of Newport Beach and Irvine.
Glenmede
The wealth management firm has hired Mark Parthemer as Florida regional director and chief wealth strategist.
Prior to joining Glenmede, Parthemer was managing director and private client service for TIAA, where he led the ultra-high net worth group.
Alex Brown
The Raymond James subsidiary has hired financial advisers William Stewart and W Grove Stewart at its Annapolis, Maryland office.
Operating as Stewart Wealth Advisory Group, together they serve a range of clients including owners of privately held businesses and their families. The duo was previously affiliated with Janney Montgomery Scott.
Fiduciary Trust International
The global wealth manager and wholly-owned subsidiary of Franklin Templeton has named Julie Strong Karnavas as regional managing director for the Pennsylvania market.
Karnavas, who is based in the firm’s Radnor office, was previously director of portfolio and relationship management.
Raymond James
The financial services firm has hired financial adviser Alissa Nance to its offices in Jackson, Tennessee.
Nance previously managed approximately $130m in client assets at Morgan Stanley and now leads Alissa Nance | Raymond James, serving as senior vice president, investments and is accompanied by senior registered client service associate Becky Gordon.
As part of the transition, she will join Raymond James’ Memphis operation as assistant branch manager.
