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US in the news: Kingswood continues M&A spree

A round-up of the latest people moves and M&A deals in North America

M&A

Kingswood

The London-headquartered wealth manager company has agreed to acquire an 85% majority interest in registered investment adviser (RIA) Chalice Wealth Advisors (CWA) and independent broker/dealer Chalice Capital Partners (CCP).

The financial terms of the deal were not disclosed.

CCP has assets under management of $1.15bn (£880m, €1.03bn) and the combined platform serves 50 independent financial advisers and 104 licensed representatives.

Formed in 2017, the principals of the firm are Keith Gregg and Derek Bruton.

Kingswood plans to use CWA and CCP as one of its centralised hubs, providing a platform for future acquisitions and product offerings in the US.

It will further focus its attention on RIA and broker-dealer acquisitions.

Wealth Enhancement Group

The independent wealth management firm has agreed to acquire hybrid advisory firm BPU Investment Management.

This is the 15th M&A deal for Wealth Enhancement Group over the past six years.

Founded in 1985, BPU Investment Management has 19 employees, including 13 financial advisers, and focuses on serving individual clients, with a focus on high net worth individuals and families.

Financial terms of the transaction, which will close on 1 March 2020 were not disclosed.

Focus Financial Partners

Canada-based Nexus Investment Management has agreed to join the wealth management network.

The transaction is expected to close in the first quarter of 2020, subject to regulatory approval.

Since 1988, Nexus has provided investment and wealth management services to high net worth individuals and families, foundations and endowments located across Canada.

This transaction continues the expansion of Focus in international markets.

The financial terms of the deal were not disclosed.

Also, wealth firm Allen Berg will join Focus partner firm Kovitz Investment Group Partners, based in Chicago, Illinois.

The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions.

Allan Berg currently works with ultra-high net worth clients and provides family office, investment management and holistic financial planning services, with specific expertise in tax and estate planning services.

Through this transaction, Kovitz will expand its services in each of these areas and increase its presence in Chicago.

Berg will gain access to Kovitz’ investment management and operational infrastructure and planning resources, further enhancing the services Berg is able to offer his clients.

The financial terms of the deal were not disclosed.

The Mather Group (TMG)

The wealth management firm has agreed to buy Daniel Advisors, an Atlanta-based fiduciary-only firm with $110m in assets under management.

Daniel Advisors is a wealth management firm, which provides corporate executives with financial planning, portfolio management and tax compliance services.

The deal closes within two months of TMG’s last purchase, which was RPH Financial Services.

Financial terms of the deal were not disclosed.

People moves

Ameriprise Financial

Troy Aarthun, Sharon Hickey and Kevin Kimball have joined subsidiary Rise Private Wealth Management from MassMutual.

Combined, the three advisers manage approximately $126m in assets.

GenTrust

The investment advisory has named Elena Hernandez as head of its newly created San Juan, Puerto Rico office.

She is principal of GenTrust Puerto Rico and wealth adviser.

GenTrust will hire financial advisers as well as support staff to service clients from the island.

SagePoint Financial

The independent broker-dealer and RIA has hired John Ressler, a financial adviser based in Mason City, Iowa.

Ressler has been a financial adviser for more than 30 years.

HFG Wealth Management

Chris Harvey, son of the firm’s founder and chief executive Larry Harvey has joined as a client care coordinator.

He will contribute to operations, client services, and business development.

Raymond James & Associates

The firm has hired financial advisers Christopher Stanford and Matthew Douglas in Peachtree City, Georgia.

Stanford and Douglas come to Raymond James from Merrill Lynch, where they previously managed $270m in client assets.

They have been joined by financial adviser trainee Tanner Low, who is participating in Raymond James’ Advisor Mastery Programme, and client service associates Alexis Lamb and Stephanie Moore.

The team operates as DT & Associates of Raymond James.

 

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