-2.5 C
New York
Wednesday, February 1, 2023

Sanctuary Wealth Cuts Ribbon on Flagship NYC Location

“Let’s be trustworthy, New York is the hub of the monetary companies world,” mentioned Sanctuary Wealth CEO Jim Dickson throughout the summer season of 2021, shortly after hiring longtime Merrill Lynch government Paul Sullivan to develop the RIA platform’s East Coast presence and put him in control of establishing a flagship, brick-and-mortar location in New York Metropolis.

On Tuesday, Indianapolis-based Sanctuary celebrated the grand opening of its latest workplace at 510 Madison Ave. in New York’s Midtown East neighborhood. Inside a brief stroll of the Museum of Fashionable Artwork and BlackRock headquarters, the placement is a key step in Sanctuary’s plan to expedite development within the tri-state space.

In a dialog with WealthManagement.com, Dickson mentioned having a bodily presence in New York Metropolis is important to penetrating the native market, however the actual property is just too costly for rising corporations, together with many Sanctuary companions within the area. The Madison Ave. location gives a “official” setting for advisors wishing to conduct enterprise, he mentioned, in addition to a regional base of operations for Sanctuary’s high brass.

“That is one thing our advisors have been asking for,” he mentioned. 

After 4 years buying and supporting a steady of greater than 60 companion corporations, a few of these advisors have now grown to the purpose the place they’re trying to discover their very own M&A alternatives, mentioned Sanctuary President Vince Fertitta. The workplace convention room will function the central location the place advisors, goal corporations and Sanctuary’s management and M&A groups meet to barter and strike offers.

Picture by Ali Hibbssanctuary-nyc-conference-room.png

The convention room at Sanctuary’s workplace in New York Metropolis.

“Jim employed me 17 months in the past and mentioned … ‘We have to present the northeast that we’re severe about rising market share,’” mentioned Sullivan. “Right here we’re, 17 months later with a flagship workplace—and I feel we’re severe.”

Sanctuary is poised to doubtlessly have the very best quarter in its historical past, Fertitta mentioned. The agency expects so as to add its greatest companion thus far and the convention room at 510 Madison has seen constant site visitors since opening two weeks in the past. A number of offers are anticipated to be introduced in coming weeks and months, mentioned Dickson, together with groups based mostly within the New York/New Jersey/Connecticut space.  

“We have had plenty of recruiting success right here in New York and within the metropolitan space,” Sullivan mentioned after the ribbon was reduce and the champagne was poured. “And I could not be extra pleased with what we have achieved as a management crew.”

Along with Sullivan, Chief Funding Strategist Mary Ann Bartels, Managing Director and Chief Compliance Officer Miles Edwards, Head of Various Investments Patrick McGowan, Director of Strategic Relationships Oksana Poznak and Compliance and Regulatory Lawyer Alexandria Dolph will preserve main places of work on the twenty seventh flooring of 510 Madison.

Since launching 4 years in the past, Sanctuary has grown into one of many nation’s largest pure RIA platforms, primarily by the recruitment of wirehouse breakaways. Immediately, the agency oversees round $25 billion in shoppers belongings by greater than 60 companion corporations in 28 states.

Related Articles


Please enter your comment!
Please enter your name here

Latest Articles