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Thursday, February 2, 2023

Sanctuary’s CEO Jim Dickson Instantly Departs the Agency

Sanctuary Wealth Group, the Indianapolis-based partnership of unbiased registered funding advisors, named Adam Malamed as CEO Thursday, changing founder Jim Dickson in a shock transfer that was “efficient instantly.” 

Malamed, who sits on Sanctuary’s Board of Administrators, has been tapped to “spearhead the following stage of the agency’s progress,” in response to the announcement.

Malamed beforehand served as government vp, chief working officer and board director at Ladenburg Thalmann, a publicly traded community of wealth administration corporations acquired by Advisor Group in 2019. He helped develop that agency to 4,500 monetary advisors, roughly $200 billion in consumer belongings and an enterprise worth of $1.3 billion. In 2020, Malamed based Ajax Funding Companions, a fintech incubator and strategic consultancy targeted on progress planning and M&A for monetary providers corporations.

Launched in 2018 by Dickson, a former Merrill Lynch government, Sanctuary has rapidly grow to be a nationwide community of unbiased wealth managers, with round $25 billion in consumer belongings. On Tuesday, the agency opened its flagship New York Metropolis workplace, with Dickson slicing the ribbon on the Madison Avenue location. As of Thursday, he is now not with the agency in any capability.

Beneath Dickson’s management, Sanctuary secured a majority funding from Milan, Italy-based Azimut Group in early 2021, in addition to further backing from New York Metropolis-based Kennedy Lewis in 2022. 

“We’ve reached a really pure level of evolution for Sanctuary Wealth, because the agency continues to develop and develop,” Azimut CEO Massimo Guiati mentioned in an announcement. “Adam Malamed possesses an unparalleled observe file of constructing excessive progress personal and public wealth administration enterprises and he is aware of Sanctuary’s enterprise completely. We stay up for offering Adam and the Sanctuary crew our enthusiastic help as they speed up the agency’s ahead momentum. I’ll personally be concerned in serving to Adam to coordinate and handle the event of the enterprise going ahead.”

Malamed declined to touch upon Dickson’s departure however mentioned he is excited in regards to the new function and that he is “going to be the CEO of this firm for a really, very very long time.”

“There is a important basis right here to proceed to steer progress and supply advisors what they anticipate of us,” he mentioned. “And that is the help and success to assist them develop and function their enterprise in a sustainable means.”

In his time serving on the agency’s board of administrators, Malamed mentioned he is come to a radical understanding of Sanctuary’s tradition and worth proposition. “We felt it was the correct time to make this alteration,” he mentioned, “and the board requested me to tackle the function to drive and lead this firm into its subsequent stage of progress.” 

Requested whether or not he plans to make any huge adjustments or take the corporate public at any level, Malamed mentioned he’s at the moment targeted on the current and persevering with to construct on the success that Sanctuary has already had. 

“The corporate’s been a pacesetter within the breakaway area, attracting a number of the largest and most profitable companion corporations which can be on the market,” he mentioned. “I wish to see that proceed. I wish to see the corporate proceed to be a pacesetter in your entire wealth administration area from a progress perspective.”

“We’re assured that [Malamed] is the correct individual, on the proper time, to construct on the very strong enterprise in place at Sanctuary and to catapult the agency into the ranks of the highest wealth administration enterprises within the nation,” mentioned Kennedy Lewis co-founder and Sanctuary Board Member David Chene. “Going ahead, we all know that Sanctuary is in glorious fingers beneath Adam’s management.”


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