RIA Roundup: Lazard Acquires Truvvo, Creates $8B Household Workplace

Registered funding advisors introduced greater than $18.8 billion in transacted belongings this week, a sign that M&A within the house has not slowed as a lot as some predicted.

Lazard Asset Administration and Truvvo Companions mixed to create Lazard Household Workplace Companions, whereas Stratos Wealth Companions took possession of First Wealth Monetary Group within the wake of the sudden loss of life of its CEO.

In the meantime, Beacon Pointe introduced it accomplished 5 acquisitions over the previous three months, Pathstone is about to accumulate $1.5 billion in belongings and Service provider-backed Legacy Capital added $365 million in Arkansas. On the identical time, Hightower facilitated the primary tuck-in for companion agency Schultz Collins, whereas Snowden Lane lured one other Morgan Stanley advisor.

In tales revealed earlier this week, Built-in Companions and Falcon Wealth Planning every introduced their first acquisitions ever, Americana Companions added a $6 billion Houston RIA and Clearstead bought its second belief enterprise.

Lazard Asset Administration Acquires Truvvo Companions, Creating Household Workplace

Lazard Asset Administration, which manages about $216 billion in belongings, introduced it acquired Truvvo Companions, a New York Metropolis-based RIA with $3.8 billion in belongings that gives strategic recommendation, wealth planning and funding administration to households.

Collectively, the companies have fashioned Lazard Household Workplace Companions to handle roughly $8 billion in belongings—together with Lazard’s present U.S. personal consumer enterprise—and supply recommendation and funding options throughout private and non-private markets. The household workplace will combine funding administration, danger administration and household workplace providers into one providing.

On account of the deal, Lazard’s world wealth administration division now oversees roughly $22 billion in consumer belongings, together with a European wealth administration enterprise.

“Demand for stylish and progressive wealth administration options is rising as household workplaces navigate the ever-changing markets and financial atmosphere,” Lazard CEO Evan Russo mentioned in an announcement.

“We consider leveraging Lazard’s experience, infrastructure and assets will strengthen our platform and allow a holistic strategy, permitting us to raised serve our purchasers,” added Truvvo CEO and CIO Casey Whalen.

Lazard’s world funding franchise is predicted to enrich Truvvo’s open-architecture platform and experience in personal markets, in accordance with the announcement. The household workplace unit will present funding administration, in addition to experience in wealth switch, tax planning, philanthropy, operational options, money movement and liquidity planning.

The Truvvo group, which might be primarily based in Lazard’s New York workplace, consists of Whalen, Jerome Antenen, Alison Rosenzweig, Caitlin Reynolds and Danielle Roseman.

One of many world’s largest asset administration companies, Lazard at present operates out of 26 nations on 5 continents, offering a variety of economic recommendation and administration to companies, partnerships, establishments, governments and people.

The agency celebrates its one hundred and seventy fifth anniversary this 12 months.

Stratos Wealth Companions Expands Possession Stake in First Wealth

Stratos Wealth Companions, an RIA of Stratos Wealth Holdings, expanded its possession in First Wealth Monetary Group to a majority stake, following the sudden passing of Founder and CEO Breton Williams.

The proprietor and management transitions are efficient instantly, in accordance with Thursday’s announcement, “with no affect to the agency’s operations.” As part of the transition, minority proprietor Andrew Meyers has been named president of First Wealth.

“As we proceed processing the lack of our buddy and colleague, we’re grateful that Breton had such an in depth enterprise continuity plan in place,” Meyers mentioned in an announcement. “I wish to guarantee our purchasers that First Wealth’s group of advisors and employees is dedicated to offering the valued funding recommendation and monetary planning care they’ve grow to be accustomed to. Our strengthened partnership with Stratos will permit us to construct a fair larger enterprise and supply further providers to those loyal purchasers.”

Established in Clinton, Iowa, in 1987, First Wealth oversees greater than $348 million in mixed brokerage and advisory belongings. The agency offers funding administration and retirement, property, pension and tax-favored planning. Stratos has been a non-ownership companion within the agency for eight years, supporting progress because it expanded to 6 advisors in 4 areas.

“Breton was a well-respected member of the wealth administration group in Iowa, who cared deeply in regards to the well-being of his purchasers and group, and might be sorely missed,” mentioned Charles Shapiro, founding companion and Chief Growth Officer at Stratos. “On behalf of Stratos, I lengthen my condolences to the Williams household, employees of First Wealth and purchasers whose lives Breton improved through the years. We’re honored to construct on his legacy alongside Andrew and the First Wealth group, offering an distinctive consumer expertise and rising the agency.”

Meyers, an advisor with First Wealth since 2011, not too long ago stepped right into a management function as a part of the deliberate succession. Working with Senior Consumer Service Consultant Cari Bush, Meyers started implementing the plan established by the late Williams to “guarantee a seamless transition for purchasers.”

Stratos Wealth Companions manages greater than $9.6 billion in advisory belongings and advises on greater than $6.9 billion in brokerage and third-party belongings held away at LPL Monetary. The platform affords infrastructure and operational, strategic and revenue-generating assets to growth-minded companies. Since its founding, Stratos has grown to 275 impartial advisors, with greater than 60 residence workplace employees and greater than 87 areas nationwide.

Beacon Pointe Provides 5 RIAs in Three Months

Newport Seashore, Calif.-based Beacon Pointe Advisors accomplished 5 RIA acquisitions during the last three months, in accordance with an announcement, with three offers closing on the finish of 2022 and two closing earlier this 12 months.

Midwest Monetary Advisor Group, Nexus Wealth Advisors, Pinnacle Wealth Administration, Ailsa Capital and Bennicas & Associates have grow to be Beacon Pointe regional workplaces in new and present markets and lengthen the agency’s footprint to further states, together with Illinois, Michigan and Utah.

They added a mixed $1.5 billion in belongings beneath administration, bringing Beacon Pointe to roughly $25 billion in AUM and 46 workplaces nationwide.

“Coming off of a busy 12 months of M&A exercise in 2021, it was nice to maintain that very same momentum in 2022,” Beacon Pointe President Matt Cooper mentioned in an announcement. “Not solely did we increase into a number of new territories, together with three new workplaces within the Midwest, however we added additional density in present markets that we’ve been pursuing for fairly a while.”

With workplace areas in Skokie, Sick., and Bloomfield Hills, Mich., Midwest Monetary Advisor Group brings Beacon Pointe to each states for the primary time. Serving purchasers within the larger Chicago area with round $300 million in belongings, husband and spouse founders Heather O’Neill Fairbanks and Isamu Fairbanks lead the five-person group.

“A giant a part of what we have been searching for when looking for the appropriate companion was a agency that might present us the back-office help and assets we wanted whereas nonetheless fostering a way of group and tradition that we aligned with,” mentioned O’Neill Fairbanks. “These components paired with initiatives of Beacon Pointe’s Ladies’s Advisory Institute is what really drew us into the agency.”

Pinnacle Wealth Administration joins Beacon Pointe with $155 million in belongings beneath administration and expands the agency’s presence within the Denver area. Joined by a group of six, President Tom Stefaniak is taking up the function of managing director at Beacon Pointe.

“I used to be lucky to have heard about Beacon Pointe by way of an present companion on the agency,” Stefaniak mentioned. “We’re excited to start leveraging the strong platform and expertise Beacon Pointe has cultivated through the years.”

Ailsa Capital will grow to be Beacon Pointe’s first workplace within the state of Utah, with round $210 million in consumer belongings. John Martindale is becoming a member of as managing director and bringing a group of three.

“The depth of Beacon Pointe’s service choices, significantly from a consumer standpoint, was what really drew us into the agency from the outset,” mentioned Martindale. “That, paired with established back-office providers that will allow us to spend extra time with our purchasers, was one of many foremost drivers of our determination to companion with Beacon Pointe.”

With $240 million in belongings beneath administration, Bennicas & Associates is situated in Portola Valley, Calif., and might be becoming a member of one in every of Beacon Pointe’s present Bay Space workplace areas. Founder Georgia Bennicas is becoming a member of as companion and senior wealth advisor, together with advisor Michael Dunn and two employees members.

Nexus Wealth Advisors, situated in Santa Cruz, Calif., is an extension of Beacon Pointe’s present Bay Space workplace in Campbell. Nexus founder Lance Wexler and his group will proceed serving purchasers within the Santa Cruz County and South Bay Space.

Monetary phrases of the offers weren’t disclosed.

Pathstone Will Purchase Rex Capital Advisors

Pathstone, a partner-owned and personal equity-backed RIA serving households, household workplaces, foundations and endowments, entered into an settlement to accumulate Rex Capital Advisors. Based mostly in Windfall, R.I., Rex offers funding advisory and household workplace providers to ultra-high-net-worth households and associated entities.

Based in 2002 by Arthur Duffy, Rex Capital initially served as a single-family workplace. Working with Michael Chase, Matthew Thibault and Timothy Devlin, Rex has grown to advise 12 consumer households throughout the U.S., representing roughly $1.5 billion in belongings. Along with custom-made household workplace options, the Rex group brings personal fairness and enterprise capital experience.

As soon as the deal has closed, the Rex group may have entry to Pathstone’s infrastructure, expanded providers and expertise to speed up progress.

“From the primary dialog with Arthur and his group, we noticed alignment in the best way we strategy consumer service, embrace innovation, and consider the way forward for the household workplace enterprise mannequin,” mentioned Pathstone CEO Matt Fleissig. “We’re thrilled to companion with such a culturally aligned group and to proceed strengthening our presence in New England, consistent with our aim of rising inside our present regional workplaces.”

Based mostly in Englewood, N.J., the acquisition will convey Pathstone’s whole consumer belongings to virtually $80 billion, with 17 workplace areas and practically 350 group members­—greater than 175 of whom are shareholders of the agency.

Service provider-backed Legacy Capital Recruits $650M Arkansas Group

Legacy Capital, a Little Rock, Ark.-based RIA and wealth administration agency backed by Service provider Funding Administration, is opening an workplace in Northwest Arkansas with the addition of Brian Wooden, Michael Peebles and DeAnn Gann. The group of advisors have been most not too long ago with Arvest Financial institution’s wealth administration division.

The deal will increase Legacy’s geographic footprint and strengthen its place as one of many largest impartial wealth administration companies in Arkansas, in accordance with the announcement, together with greater than $1 billion in consumer belongings and greater than $2.5 billion of in-force life insurance coverage.

The previous Arvest Financial institution group will present every little thing from asset administration and investments to monetary and property planning, banking and belief providers, and insurance coverage options to high-net-worth and ultra-high-net-worth households.

Legacy has served people and households since 1977 with monetary planning, asset administration, legacy and property planning, and insurance coverage options. Backed by Service provider since 2018, Legacy has doubled AUM since a 2020 merger with Trent Capital and now serves 400 households with a employees of 20.

“Matt and the group at Legacy Capital have been one in every of Service provider’s first companions,” mentioned Service provider co-founder and Managing Accomplice Tim Bello. “It’s been outstanding working with them and rising the agency.”

Hightower Helps 1st Acquisition for Accomplice Agency Schultz Collins

Schultz Collins Funding Counsel, a Hightower agency in California’s San Francisco Bay space, accomplished its first acquisition with help from its mother or father platform.

DHR Funding Counsel in Oakland, Calif., a $385 million agency led by husband-and-wife group Davis Riemer and Louise Rothman-Riemer, is becoming a member of Schultz Collins and bringing the agency’s belongings beneath supervision to greater than $1.3 billion.

Based in 1987, DHR Funding Counsel “pioneered the implementation of the fiduciary normal of follow amongst funding advisory companies,” in accordance with the announcement, and is among the many business’s first fee-only companies.

Based in 1995, Schultz Collins serves particular person buyers, retirement plan sponsors and establishments. The agency joined Hightower in January 2020.

“Collectively, Schultz Collins and DHR Funding Counsel serve a extremely engaging, complementary clientele,” mentioned Hightower Chairman and CEO Bob Oros. “This acquisition will go a good distance in supporting the agency’s formidable progress plans and serving to empower their subsequent generations of advisors.”

Hightower has a devoted M&A group to assist its companion companies execute mergers and sub-acquisitions by offering sourcing, valuation, deal structuring, due diligence, authorized and regulatory and pre- and post-close integration providers, in addition to the capital assets wanted for transactions.

The rising platform of impartial advisors helps 131 companies in 34 states and the District of Columbia with a spread of providers designed to catalyze and speed up progress. On the finish of 2022, the agency managed $113.7 billion in consumer belongings, up from $106.1 billion simply three months earlier, and $144.3 billion in belongings beneath administration.

Snowden Lane Companions Provides Morgan Stanley Advisor in Miami

Eduardo Alvarez Andreu, a Miami-based advisor managing $132 million in consumer belongings, left Morgan Stanley to hitch Snowden Lane Companions, a hybrid RIA primarily based in New York.

Figuring out of Snowden Lane’s Coral Gables, Fla. workplace, Alvarez Andreu will function companion and managing director. He brings practically 20 years of expertise in monetary providers, with experience in worldwide wealth administration and various investments.

Previous to Snowden Lane, Alvarez Andreu held the roles of first vp, worldwide consumer advisor, various investments director and portfolio supervisor at Morgan Stanley in Miami. He joined the wirehouse as a group analysis analyst and stuck earnings dealer in 2010.

He has additionally labored as senior gross sales affiliate and buying and selling specialist at Barclays and as a personal wealth administration licensed gross sales assistant at Lehman Brothers. He’s fluent in English, Spanish and Portuguese.

“It’s at all times humbling to obtain curiosity from advisors as certified as Eduardo,” mentioned Snowden Managing Director Doug Flaherty. “His expertise working with purchasers each domestically and internationally might be invaluable, and his consideration to element for every of his purchasers is a real differentiator.”

Since its founding in 2011, Snowden Lane has grown quickly by recruiting advisors from Morgan Stanley, Merrill Lynch, UBS, JP Morgan, Raymond James, Wells Fargo and Fieldpoint Non-public, amongst others.

Right this moment, the agency employs 136 professionals, 75 of whom are client-facing advisors, throughout 13 workplaces across the nation.

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