M&A
Morgan Stanley
The US investment giant has agreed to acquire Eaton Vance, a provider of advanced investment strategies and wealth management solutions, for an equity value of approximately $7bn (£5.41bn, €5.93bn).
The deal will enhance client opportunities, by bringing Eaton Vance’s US retail distribution together with Morgan Stanley Investment Management’s international distribution.
The acquisition is expected to close in the second quarter of 2021.
Wealth Enhancement Group
The independent wealth management firm has acquired 10-15 Associates, an independent registered investment adviser (RIA) headquartered in Goshen, New York.
The financial terms of the transaction, which is expected to close in the fourth quarter of this year, were not disclosed.
The acquisition brings Wealth Enhancement Group’s footprint in the state of New York to six offices.
Founded in 1986 by president and chief executive Deborah DeMatteo, and chief financial officer and managing director Michael DeMatteo, 10-15 Associates has grown to include 16 employees, including seven financial advisers.
Mercer Global Advisors
The RIA firm has bought Personal Financial Advisors, a wealth management firm located in Covington, Louisiana.
PFA serves approximately 140 clients with assets under management of approximately $105m.
Robert Reed, Jr and his staff of three will be joining the Mercer Advisors team.
The financial terms of the deal were not disclosed.
People moves
Pictet Asset Management
The European independent asset managers has opened its first US office in New York City.
The office will be led by Elizabeth Dillon and she will be joined by Mike Acker, head of key accounts, Nick Mavro, head of US institutional and Jorge Corro, Head of US Offshore.
Dillon is returning home to New York after spending 19 years working for Pictet Asset Management in Geneva and London, most recently as head of global financial institutions, and will be appointed as chief executive of Pictet Asset Management (USA).
BNY Mellon Wealth Management
The firm has named Edward Mora as a regional president in Orange County, California.
Most recently, Mora worked for Bank of the West | BNP Paribas Wealth Management as senior vice president and head of the southern California region.
UBS Wealth Management USA
The firm has hired three financial advisors to join its operations in California.
Henry Anthony Hernandez and Robert Magallanes will be based in Irvine, Orange County, and Carl Nelson will be based in downtown Los Angeles.
Cumulatively, the advisers manage more than $400m in client assets.
RBC Wealth Management
The wealth firm has hired Gordon Witherspoon as senior vice president and financial adviser.
He joins from Morgan Stanley alongside senior investment associate Anita Helm.
Alex Brown
The Raymond James subsidiary has hired financial adviser Reynaldo Figueredo in Miami, Florida.
Figueredo joins from Deutsche Bank Wealth Management, where he served as a financial adviser for the last 12 years, managing assets for clients in Argentina, Chile and the US.
