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HomeWealth Management2023 Kicks Off with A number of RIA M&A Bulletins

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


Within the first week of the brand new 12 months, lively acquirers within the registered funding advisor house introduced a spate of recent transactions. Some bought carried out final 12 months, however others closed this week or are slated for this quarter. Not a complete checklist, these offers might 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 shoppers and 5 new staff, together with President Nick Stonnington. The agency, which can retain its personal branding, prioritizes lively asset administration and execution in its service mannequin.

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

“Stonnington Group is a multigenerational agency that operates with a whole-team method that aligns nicely with Prime Capital,” mentioned PCIA CEO Glenn Spencer. “Nick and his workforce have confirmed their capability 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 offer our shoppers with methods that align with their objectives and lives,” mentioned Spencer. “As leaders within the SRI house, Earth Fairness will speed up our efforts and allow us to offer shoppers with entry to accountable investing choices.”

PCIA at the moment has 51 areas all through the US 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 makes a speciality of offering custom-made 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 providers business.

Carnegie bought 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 means of its RIA and advises on $400 million by means of its retirement plan division by way of 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,” mentioned RiverStone co-founder Wes Creese. “Every interplay with the Carnegie management workforce confirmed that our organizations weren’t solely a robust cultural match, however our method to serving shoppers was comparable as nicely.”

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

EP Wealth Advisors closed its sixth and last deal of 2022 on Dec. 31 with the acquisition of Cribstone Capital, a $357 million AUM agency with two areas in Maine. The Cribstone workforce 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 workforce. They’re joined by three different workforce 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 much like EP Wealth and is concentrated on delivering private, purposeful plans throughout the shopper spectrum,” acknowledged EP CEO Patrick Goshtigian “Scott, Jeff and their workforce share EP Wealth’s concentrate on delivering plans for monetary well being to shoppers, in addition to a platform for development and growth for workers. They’re a welcome addition as we proceed to increase 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 line with an announcement.

“Becoming a member of collectively appeared like a pure development for our agency and an important alternative for our present and future shoppers,” mentioned Upham.

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

Based mostly within the better Los Angeles space, EP was based in 2004 and is backed by Berkshire Companions, a non-public 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 objectives between Cribstone and EP made this a robust and seamless pairing,” mentioned 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 personal 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 method and team-oriented providers platform. The Golden Gate funding will enable the agency to speed up its M&A technique and natural development alternatives, in line with an announcement.

AUTUS is a boutique asset administration agency with roughly $900 million in AUM. The agency offers customized wealth administration providers 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 means of the acquisition and Parallel by means of the next capitalization course of.

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

The AUTUS acquisition closed on Dec. 30, 2022. Monetary phrases of both transaction usually are 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.

Beneath 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 offers funding administration, wealth and property planning, and tax planning providers to greater than 1,700 shoppers. Since inception, the agency has accomplished seven acquisitions and a number of other advisor tuck-ins. A least among the capital will help future inorganic development alternatives, in line with an announcement.

“At this stage of our growth, we decided to tackle a companion that might assist us with our present and future capital wants in addition to work carefully with us to execute our strategic initiatives at a sooner price than we may on our personal,” mentioned Raimondi.

“Dakota has constructed and scaled a powerful and differentiated wealth administration platform in underneath 5 years,” mentioned Karl Heckenberg, CEO and president of Emigrant Companions. “We sit up for collaborating with Dakota’s gifted senior administration workforce to assist them obtain their development goals.”

Buckingham Strategic Wealth to Purchase Oxford Monetary Companions

Focus Monetary Companions introduced this week that it has entered into an settlement through which companion agency Buckingham Strategic Wealth will purchase Oxford Monetary Companions, a Cincinnati-based registered funding advisor with roughly $278 million in belongings underneath 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 will draw from their expansive assets, expertise and nationwide footprint to positively affect the lives of our shoppers now and sooner or later, all whereas retaining the personalization of an area agency,” mentioned Oxford Managing Member Erik Christman.

The transaction is anticipated to shut within the first quarter of 2023, topic to circumstances, at which era the Oxford Monetary Companions workforce will be a 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,” mentioned Buckingham CEO Adam Birenbaum.

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