People moves
Envestnet
The wealthtech solution provider has made several managerial changes.
These include:
- William Crager as chief executive;
- Stuart DePina as president;
- James Fox as chairman of the board of directors; and
- Charles Roame as vice chairman of the board of directors.
Crager, a co-founder of the company and president since 2002, has served as interim chief since the tragic accidental death of Envestnet founder and chief executive Jud Bergman in early October 2019.
DePina has served as chief executive of Envestnet data and analytics since January 2019.
Fox has served as a board member since 2015, while Roame has served as a board member since 2011.
Hercules Investments
The Los Angeles-based wealth firm has hired Joe Pastore and Anthony Lucchesi as vice presidents of wealth management.
Prior to joining Hercules Investments, Pastor served as vice president and financial adviser for Morgan Stanley Wealth Management.
Lucchesi was previously financial consultant and investment representative at Fidelity Investments.
Northern Trust Wealth Management
Stephen Miyabe has been named as senior managing director for the Pasadena market and surrounding communities.
He succeeds Charlie Mustachia, who retired at the end of February.
Miyabe joined Northern Trust in 2019 as the west region practice lead for estate settlement services.
Prior to Northern Trust, Miyabe served in a number of roles at Wells Fargo in both the estate settlement and wealth planning departments.
Ballentine Partners
The Massachusetts wealth manager has hired Elisa Gruber Lustig as director of private investing.
Prior to joining Ballentine Partners, Lustig spent 14 years at Liberty Mutual Investments, where she helped lead the private equity group.
M&A
Hightower
The wealth firm has made a strategic investment in Wellspring Associates, a boutique wealth planning and consulting firm specializing in estate, tax, philanthropic and legacy planning for ultra-high net worth families and individuals.
Wellspring has offices in Atlanta and Dallas, serving families each with an average of $50m (£40.7m, €46.3m) or more in assets.
By partnering with Hightower, Wellspring will expand its offering to high net worth families with assets of $5m and up.
It will also act as a resource for Hightower advisory businesses seeking to provide planning and wealth transfer solutions to their high net worth and ultra-high net worth clients.
The financial terms of the deal were not disclosed
Shepherd Kaplan Krochuk
The registered investment advisory (RIA) firm has acquired Colorado-based investment firm Peak Capital Management.
PCM advises high net worth families, pension and profit-sharing plans, charitable organisations, and third-party advisers.
Peak Capital Management’s founder and chief investment officer Brian Lockhart has joined SKK’s management board and has become an equity member.
PCM’s chief compliance officer Geoffry Eliason has also been promoted to chief operating officer as part of the acquisition.
The financial terms of the deal were not disclosed.
