M&A
Wealth Enhancement Group
The independent wealth management firm has acquired Oakwood Capital Management, a Los Angeles-based independent registered investment adviser (RIA) firm.
Founded in 1998 by president and chief executive Bruce Mandel, Oakwood Capital Management is Wealth Enhancement Group’s second southern California acquisition, following the addition of Pillar Pacific Capital Management on 1 June.
Oakwood Capital Management has five financial advisers among its 14 employees, and it specialises in wealth management, investment management, asset management and financial planning.
Upon closing, the practice will be called the Oakwood Team at Wealth Enhancement Group, and Mandel will serve as managing director.
Financial terms of the transaction were not disclosed.
Captrust Financial Advisors
The wealth firm has bought Nachman Norwood & Parrott Wealth Management (NNP).
NNP provides financial planning and consulting services for high-net-worth individuals, qualified plans, and endowments and foundations.
The firm is is led by partners Bob Nachman, Ben Norwood, Wes Boyce, Al Cannon, Maura Copsey, Gary Davis, and Russ Miller. They also bring an additional 10 team members.
NNP will transition to the Captrust name and brand.
The financial terms of the deal
Dakota Wealth Management
The independent investment management firm serving high-net-worth individuals and families, has entered into an agreement to acquire Persimmon Capital Management, a boutique wealth advisory firm.
Persimmon is led by founder and president, Greg Horn.
This marks Dakota’s fifth acquisition since its launch in May 2018.
The professional teams from both Dakota Wealth Management and Persimmon Capital will remain in place to serve their current clientele. Horn will join Dakota Wealth as chief development officer. He will also serve on the firm’s executive committee.
Financial terms of the deal were not disclosed.
Focus Financial Partners
The leading partnership of wealth management firms has bought Sonora Investment Management, an Arizona-based RIA firm with offices in Phoenix and Tucson.
The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions.
Founded more than 30 years ago, Sonora provides comprehensive investment and wealth management services to a national client base of predominantly high net worth individuals and families.
Sonora is led by co-founders, Brad Toland and Doug Rogers, together with Tim Wilcox, Graham Gaines, and Mike Arko.
Financial terms of the deal were not disclosed.
Mariner Wealth Advisors
The wealth advisory firm has agreed to acquire Allegiant Private Advisors of Sarasota, Florida.
This will be the advisory firm’s third office in Florida.
Allegiant Private Advisors will assume the Mariner Wealth Advisors’ name when the deal closes on 31 July.
The financial terms of the deal were not disclosed.
People moves
Capstone Investment Advisors
The global alternative investment management firm has appointed Tom Leake to lead its solutions platform.
Leake joins Capstone from Goldman Sachs, where he was a partner in the markets division.
BNY Mellon Wealth Management
Patrice Wetzel has been named as senior client strategist.
She joins BNY Mellon Wealth Management from Wells Fargo Private Bank, where she served as senior private banker in its private bank group.
Cypress Private Wealth
Lisa Beaty has joined the firm as partner and senior financial adviser.
Beaty began her career at Morgan Stanley and also worked for IWM and CWS Capital Partners.
Evercore Wealth Management
The wealth manager has appointed Justin Miller as partner and national director of wealth planning.
Miller will additionally serve as a senior wealth and fiduciary adviser at the San Francisco office of Evercore Wealth Management and Evercore Trust Company.
He joins Evercore from BNY Mellon Wealth Management.
