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Thursday, April 13, 2023

4 Extra SVB Advisors Be a part of Cynosure Wealth Advisors

A number of extra Silicon Valley Financial institution advisors are becoming a member of Cynosure Wealth Advisors, the RIA arm of the Cynosure Group, an unbiased options asset supervisor. They’ve develop into the most recent registrants to depart the financial institution after it collapsed final month.

San Francisco-based Tracy Tuens, Miami-based Jason Cain, Boston-based William Montague and New York-based Scott Berlinguet have all moved to Cynosure from SVB this week, in accordance with SEC filings.

They be part of a lot of different advisors leaving SVB for Cynosure, together with Robert A. Perez, a former senior managing director and chief funding strategist at SVB, and John Gunnin, a former SVB affiliate. 

They adopted two SVB executives, Invoice Woodson and Gary Sica, who made the transfer to Cynosure; their departure was initially reported by Monetary Advisor IQ.

In an interview with WealthManagement.com, Woodson, who’s now managing director, co-head, Cynosure Wealth Advisors, described the agency as a personal fairness and institutional alts asset supervisor steadily increasing into advising rich personal purchasers. Woodson’s departure from SVB really preceded the financial institution’s collapse; he’s identified Cynosure’s administration workforce for years and noticed a “distinctive alternative” to assist them construct out an ultra-high-net-worth, personal shopper enterprise.

“After which, SVB went bankrupt. And as a consequence, corporations which can be unbiased of banks and brokerage corporations that target the varieties of purchasers served by SVB are of eager curiosity to advisors,” he mentioned. “And we occur to be one in every of them.”

Woodson clarified that advisors from SVB started reaching out to Cynosure quickly after SVB’s collapse, in search of out a brand new house. Woodson described the state of affairs as “considerably synergistic,” but in addition largely pushed by an “unlucky circumstance” through which advisors’ monetary establishment had ceased to exist.

“Due to this fact, each purchasers and advisors are having to select about modifications,” he mentioned. “However it was fully out of their management.”

Tuens’ trade expertise extends again to 1996, and features a stint with Wells Fargo Advisors between 2005 and 2012, and briefer tenures at BNY Mellon Household Workplace and Ascent Personal Capital Administration, in accordance with her LinkedIn profile. 

As a managing director at SVB Personal, she suggested personal fairness and enterprise capital heads, in addition to “ultra-high web price people and household workplace purchasers who’re on the forefront of the innovation financial system,” in accordance with SVB’s web site.

Cain was a senior managing director of multi-family workplace at SVB, and in addition labored with UHNW purchasers and households. He had greater than 25 years within the trade, in accordance with his personal SVB biography. Although he registered with SVB in 2022, he got here into the fold after the financial institution acquired Boston Personal, which he joined in 2019. 

Each Berlinguet and Montague additionally got here to SVB from the Boston Personal acquisition. Montague joined SVB Personal in 2020. Because the financial institution’s director of wealth evaluation and analysis out of its Boston workplace, he acted because the “main conduit” between financial institution purchasers, the analysis workforce, and SVB wealth advisors. Berlinguet is now an affiliate vp with Cynosure, in accordance with his LinkedIn profile. He joined SVB in 2021, after 4 years at Boston Personal.

The 4 advisors both declined a request to remark or didn’t reply as of publication.

These departures are the most recent in a rising variety of advisors fleeing SVB after it fell aside in early March, changing into the biggest financial institution to break down for the reason that 2008 monetary disaster. Different advisors have landed at distinguished RIAs, together with Cerity and F.L. Putnam Funding Administration. First Residents agreed to purchase SVB’s $72 billion in property in late March at a $16.5 billion low cost.

The fallout wasn’t confined to SVB alone, with Signature Financial institution additionally going below. First Republic required a $30 billion money injection from different establishments, and Credit score Suisse was acquired by UBS. 

First Republic has additionally seen a lot of advisor groups fleeing, together with a $1 billion workforce that moved to RBC earlier this week. Various different their advisors have landed at Morgan Stanley, UBS, JPMorgan and Rockefeller in current weeks.

Managing Editor Diana Britton and Reporter Rob Burgess contributed to this report.

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