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Friday, January 6, 2023

2023 Kicks Off with A number of RIA M&A Bulletins


Within the first week of the brand new 12 months, energetic acquirers within the registered funding advisor house introduced a spate of recent transactions. Some received achieved final 12 months, however others closed this week or are slated for this quarter. Not a complete record, these offers could point out the RIA M&A market will stay vigorous in 2023.

Prime Capital Funding Advisors Acquires 4 Companies in 1 Month

Prime Capital Funding Advisors closed its first deal of the 12 months on Jan. 3 with the acquisition of Stonnington Group, a Pasadena, Calif.-based registered funding advisor with $575 million in shopper belongings. The acquisition comes on heels of a busy December, throughout which PCIA accomplished three transactions and added a mixed AUM of $2.1 billion, SRI experience and distant capabilities.

The 2023 acquisition expands PCIA’s Southern California footprint whereas including 275 purchasers and 5 new staff, together with President Nick Stonnington. The agency, which can retain its personal branding, prioritizes energetic asset administration and execution in its service mannequin.

“The partnership with PCIA will open our collective crew’s capabilities, experience and deep assets to additional profit our purchasers right here in Southern California in addition to assist different PCIA purchasers throughout the nation,” stated Stonnington.

“Stonnington Group is a multigenerational agency that operates with a whole-team strategy that aligns nicely with Prime Capital,” stated PCIA CEO Glenn Spencer. “Nick and his crew have confirmed their potential to ship nice shopper service and develop their enterprise.”

In December, PCIA picked up the $1.75B AUM Liberty Wealth Advisors, with 15 staff throughout 9 states and a distant service providing. Per week later, Skilled Monetary Companies and Earth Fairness Advisors have been every acquired—with $185 million and $151 million in belongings, respectively.

PFS introduced PCIA’s presence to the North Dakota Sioux Falls area and Earth Fairness expanded capabilities within the sustainable, accountable and affect investing house.

“We try to supply our purchasers with methods that align with their targets and lives,” stated Spencer. “As leaders within the SRI house, Earth Fairness will speed up our efforts and allow us to supply purchasers with entry to accountable investing choices.”

PCIA at the moment has 51 places all through america and oversees round $17.3 billion in shopper belongings as of Jan. 4, 2023.

Carnegie Funding Counsel Buys RiverStone Wealth Administration

Carnegie Funding Counsel introduced the acquisition of RiverStone Wealth Administration in Wexford, Penn. The deal, which closed final 12 months, added $230 million to the Cleveland-based RIA.

Established in 2008, RiverStone focuses on offering personalized wealth administration options to people, households and retirement plans. The agency was represented within the transaction by InCap Group, a boutique funding banking agency for the monetary companies trade.

Carnegie received its begin in 1974, when it was initially based by funding agency Prescott, Ball & Turben. The corporate serves a nationwide shopper base of people, households, nonprofits, foundations and endowments, in addition to retirement plan sponsors. It now oversees greater than $3.5 billion in shopper belongings by way of its RIA and advises on $400 million by way of its retirement plan division through places of work in Cincinnati; Fort Myers, Fla.; Los Angeles, New York Metropolis, Pittsburgh, Penn.; Philadelphia and Toledo, Ohio.

“We’re all excited for our partnership with Carnegie Funding Counsel,” stated RiverStone co-founder Wes Creese. “Every interplay with the Carnegie management crew confirmed that our organizations weren’t solely a robust cultural match, however our strategy to serving purchasers was related as nicely.”

EP Wealth Advisors Continues NE Growth with Maine-based Cribstone Capital

EP Wealth Advisors closed its sixth and remaining deal of 2022 on Dec. 31 with the acquisition of Cribstone Capital, a $357 million AUM agency with two places in Maine. The Cribstone crew is the third EP has added on the East Coast since making its first transfer within the area final September.

Established in 2015, Cribstone was led by Scott Upham and Jeff Burch, who each now function companions and regional administrators for EP, together with Amyn Moolji, now a managing director on EP Wealth’s Portfolio Technique crew. They’re joined by three different crew members, bringing EP’s complete worker base to round 330. Monetary and authorized phrases of the deal weren’t disclosed.

“Cribstone has been constructed on a basis just like EP Wealth and is concentrated on delivering private, purposeful plans throughout the shopper spectrum,” acknowledged EP CEO Patrick Goshtigian “Scott, Jeff and their crew share EP Wealth’s concentrate on delivering plans for monetary well being to purchasers, in addition to a platform for development and growth for workers. They’re a welcome addition as we proceed to broaden our geographic footprint whereas offering distinctive native service.”

Cribstone expects to leverage EP’s assets in planning, tax, property, portfolio technique, funding and expertise “to assist set the stage for development past Maine to New Hampshire and Vermont,” in keeping with an announcement.

“Becoming a member of collectively appeared like a pure development for our agency and an incredible alternative for our present and future purchasers,” stated Upham.

“The extra depth and breadth of assets and companies will enable us to concentrate on and improve our shopper companies and broaden our attain in Maine and all through the area,” added Burch.

Based mostly within the larger Los Angeles space, EP was based in 2004 and is backed by Berkshire Companions, a personal fairness agency in Boston. After taking a minority funding from Wealth Companions Capital Group in 2017, the agency launched into a nationwide inorganic technique, buying companies in California, Washington, Colorado, Arizona, Illinois, Texas, Utah, Massachusetts, Pennsylvania and, now, Maine. EP at the moment oversees greater than $15 billion in shopper belongings.

“The established relationships and shared targets between Cribstone and EP made this a robust and seamless pairing,” stated Nick Trepp, Principal at WPCG. “EP’s acquisition of Cribstone strengthens its presence within the Northeast, exemplifying EP’s considerate and tactical development technique all through the years.”

 

Parallel Advisors to Speed up M&A with Recapitalization

Bay Space-based Parallel Advisors has acquired AUTUS Asset Administration in Scottsdale, Ariz., together with a “substantial funding” from non-public fairness agency Golden Gate Capital. Emigrant Companions, a minority investor in each Parallel and AUTUS, has exited its place within the mixed firm.

Based in 2006 and led by CEO C.J. Rendic, Parallel serves high-net-worth people and pension/revenue sharing plans throughout advisory, wealth planning, operations and funding groups, deploying a holistic wealth administration strategy and team-oriented companies platform. The Golden Gate funding will enable the agency to speed up its M&A method and natural development alternatives, in keeping with an announcement.

AUTUS is a boutique asset administration agency with roughly $900 million in AUM. The agency supplies personalised wealth administration companies to high-net-worth people, households and endowments.

Republic Capital Group, an funding banking agency specializing within the RIA, asset and wealth administration, and securities-related industries, supported AUTUS by way of the acquisition and Parallel by way of the next capitalization course of.

“Parallel Advisors, AUTUS Asset Administration, and Golden Gate Capital are all glorious companies,” stated John Langston, managing associate at Republic Capital Group. “Having the chance to carry the three of them collectively was thrilling and we admire their partnership and belief all through this course of.”

The AUTUS acquisition closed on Dec. 30, 2022. Monetary phrases of both transaction are usually not being disclosed.

Dakota Wealth Administration Receives Minority Funding from Emigrant Companions

After exiting its partnership with Parallel Advisors, Emigrant Companions has entered into one other with Dakota Wealth Administration in Palm Seashore Gardens, Fla.

Below the settlement, Emigrant is making a minority, non-voting funding within the rising agency. Particulars of the transaction weren’t disclosed.

Based in 2018 by Peter Raimondi, Dakota supplies funding administration, wealth and property planning, and tax planning companies to greater than 1,700 purchasers. Since inception, the agency has accomplished seven acquisitions and several other advisor tuck-ins. A least a number of the capital will assist future inorganic development alternatives, in keeping with an announcement.

“At this stage of our growth, we decided to tackle a associate that would assist us with our present and future capital wants in addition to work intently with us to execute our strategic initiatives at a sooner fee than we may on our personal,” stated Raimondi.

“Dakota has constructed and scaled a formidable and differentiated wealth administration platform in beneath 5 years,” stated Karl Heckenberg, CEO and president of Emigrant Companions. “We sit up for collaborating with Dakota’s proficient senior administration crew to assist them obtain their development aims.”

Buckingham Strategic Wealth to Purchase Oxford Monetary Companions

Focus Monetary Companions introduced this week that it has entered into an settlement by which associate agency Buckingham Strategic Wealth will purchase Oxford Monetary Companions, a Cincinnati-based registered funding advisor with roughly $278 million in belongings beneath administration.  

Oxford Monetary Companions is a wealth administration agency providing monetary planning and funding recommendation to primarily high-net-worth people.

“By becoming a member of Buckingham, we are able to draw from their expansive assets, expertise and nationwide footprint to positively affect the lives of our purchasers now and sooner or later, all whereas retaining the personalization of an area agency,” stated Oxford Managing Member Erik Christman.

The transaction is predicted to shut within the first quarter of 2023, topic to situations, at which period the Oxford Monetary Companions crew will be part of Buckingham, establishing the agency’s first workplace in Cincinnati.

“We sit up for leveraging our operational scale so as to add to their high-touch wealth administration expertise and to establishing our footprint within the metro Cincinnati space and past,” stated Buckingham CEO Adam Birenbaum.

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