M&A
Mercer Global Advisors
The advice firm has bought Virginia-based Precipio Wealth Management for an undisclosed sum.
Precipio was founded in 2009 by managing principals Edgar Parrish and Katherine Parrish.
The firm’s entire team will be joining Mercer Advisors.
In other news, Mercer Global Advisors has also acquired New York wealth manager Mirsky Financial Management Corporation (MFMC) for an undisclosed sum.
MFMC was founded in 1999 by president David Mirsky, who was later joined by executive vice president Bernard Salamone
The MFMC team will be joining Mercer Advisors.
Hightower
The wealth firm has agreed to acquire a stake in Illinois-based Clear Perspective Advisors.
Founded in 2011 by Michael Morcos, Jonathan Hylton and Stewart Beach, Clear Perspective provides financial planning and investment management services to individual and institutional clients.
The firm currently has 10 employees, including 7 advisers, who serve entrepreneurs, business owners, corporate executives and other clients and their families.
The Clear Perspective transaction is expected to close in the fourth quarter of 2021 and the financial terms of the deal were not disclosed.
In other news, Hightower helped facilitate another sub-acquisition for subsidiary Lexington Wealth Management.
It has bought Thompson Wealth Management, which was founded by Bruce Thompson.
The Thompson Wealth Management transaction is expected to close in the fourth quarter of 2021.
The financial terms of the deal were not disclosed.
Focus Financial Partners
The wealth management firms has agreed to acquire registered investment adviser (RIA) firm Alley Company for an undisclosed sum.
The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions.
Founded in 1998 by Steve Alley, Illinois-based Alley Company is an independent wealth management firm that provides investment management services to high net worth individuals and families.
The firm will continue to be led by Alley, Rik Duryea and Tom Van Vuren.
Apollo
The asset manager has agreed to acquire the US wealth distribution and asset management businesses of Griffin Capital.
The deal will bolster Apollo’s wealth management operation.
The financial terms of the transaction were not disclosed.
Aspiriant
The independent wealth management firm has merged with San Diego-based HearthStone Private Wealth Management.
The partnership follows several mergers Aspirant has completed over the past several years.
The two independent wealth management firms will grow Aspiriant’s regional strength in San Diego, while expanding offerings and services for clients of both firms.
With a team of seven employees that service 150 clients, HearthStone manages approximately $350m (£263m, €309m) in assets for affluent families and professional fiduciaries.
Once the transaction is complete, Aspiriant will serve approximately 1,800 clients and have more than $15bn in assets under management and advisement.
Wealth Enhancement Group
The independent wealth management firm has acquired Denver RIA firm Cardan Capital Partners.
Founded in 2015 by Ross Fox, Matt Papazian, Marti Awad, and Sarah Keys, the firm has 13 team members.
The founding partners of Cardan Capital Partners will continue to serve as their clients’ respective financial advisers.
In addition, they will serve as senior vice presidents at Wealth Enhancement Group. Matt Papazian will also be part of the Wealth Enhancement Group’s investment committee.
Cardan Capital Partners will become and do business as The Cardan Team at Wealth Enhancement Group.
The financial terms of the deal were not disclosed.
CI Private Wealth
The wealth arm of CI Financial has acquired Chicago RIA firm Matrix Capital Advisors.
Matrix has been serving high net worth clients for more than 20 years and oversees $615m in assets.
The firm is led by managing directors Christopher Burke and Michael Wik.
The financial terms of the deal were not disclosed.
Integrity Marketing Group
The life, health and wealth product distributor has acquired Washington-based financial services provider Northwest Farmer-Stockman.
Following the acquisition, Farmer-Stockman will become a division of Integrity partner American Independent Marketing (AIM), an independent marketing organisation providing health and life insurance products.
The financial terms of the acquisition were not disclosed.
People moves
SVB Private Bank
The private bank has appointed Rohit Mehrotra as head of relationship management.
Mehrotra joins SVB from JP Morgan Private Bank after 11 years in a variety of leadership positions.
Raymond James
The firm has appointed Robbie Moseley as vice president and head of Advisor Choice Consulting, its financial adviser recruiting platform.
He succeeds Barry Papa, who passed away suddenly in March.
Moseley joins Raymond James from Edward Jones, where he was director of financial adviser recruiting and integration, and led talent acquisition for the firm’s eastern division.
Also, Raymond James hired financial advisers Benjamin Clauss, Doug Ellison and Brad LaRue.
The team operates as The Clauss & Ellison Group of Raymond James.
Based in Greenville, South Carolina, the group is joined by senior client relationship associates Cathy Logan and Amanda Wood. They join from Merrill Lynch.
Sanctuary Wealth
The wealth firm has named Dylan Isaacs to the firm as a regional director of the west coast.
He joins from UBS, where he has served as a director and assistant market head for the Atlanta market.
