Results for "mergers & acquisitions"

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LPL expanding platform to include employee brokers

May 22, 2019

LPL Financial, which has grown into one of the largest brokerage firms in the country by hiring advisers who act as independent contractors, is creating a new model which would employ brokers working directly for the firm. In a presentation...

Dakota Wealth Management to acquire Springside Partners

May 21, 2019

Dakota Wealth Management, a Palm Beach Gardens, Fla.-based RIA managing $1 billion in assets, has agreed to acquire Springside Partners, a female-founded and operated registered investment adviser in Akron, Ohio, managing about $258 million...

Goldman Sachs acquires United Capital

May 16, 2019

Goldman Sachs' acquisition of United Capital for $750 million in cash will give the storied New York investment bank an opportunity to reach more high net worth clients, namely those with $1 million to $15 million in assets. Currently, Goldman...

Private equity loves IBDs, but will that last?

May 14, 2019

A few years ago, the independent broker-dealer industry was supposed to be in its death throes. Margins were in sharp decline. Costs from technology and regulation, in particular the Department of Labor's dreaded fiduciary rule, were eroding...

Goldman Sachs said to be near deal to buy United Capital

May 10, 2019

The Goldman Sachs Group Inc. is close to buying United Capital Financial Partners Inc., a leading roll up and aggregator of registered investment advisers, according to a report in the Wall Street Journal on Friday and InvestmentNews sources....

Reverence Capital Partners buys Advisor Group

May 9, 2019

Advisor Group put weeks of speculation to rest late Thursday when it said private-equity manager Reverence Capital Partners agreed to acquire 75% of the broker-dealer network from Lightyear Capital, PSP Investments and other investors. Financial...

Advisor Group expected to be sold for $2.3 billion

May 9, 2019

Advisor Group, a group of independent contractor broker-dealers with close to 11,800 financial advisers, is close to announcing that it will be acquired by private equity investors for a price tag of $2.3 billion, according to sources familiar...

Focus Financial sees brisk activity in the M&A market for RIAs

May 9, 2019

Focus Financial Partners continues to see plenty of deal activity in the RIA space, reporting Thursday that it had 24 transactions that either closed or were pending so far in 2019. Focus, which became a publicly traded company last year, narrrowed...

Former broker wins $600,000 arb award for claims related to sale of business

May 8, 2019

A former broker won a $600,000 arbitration award for claims that another broker reneged on a deal to sell his book of business. According to a Financial Industry Regulatory Authority Inc. filing, former Ameriprise Financial Services broker Peter...

LPL Financial opening its coffers for adviser acquisitions

May 6, 2019

LPL Financial is letting its affiliate advisers know that if they want to expand, it can help with the financing. Indeed, the firm has kicked off 2019 by raising the issue with advisers at conferences and has increasingly been willing to discuss...

Cresset acquires $500 million Cypress Wealth Advisors

May 2, 2019

Cresset Asset Management has acquired Cypress Wealth Advisors, a San Francisco-based RIA with more than $500 million in assets under management. With the acquisition, Cresset, which also is based in San Francisco, now manages $4.5 billion in...

Cerity Partners acquires $500 million hybrid

May 2, 2019

Chicago-based Cerity Partners has acquired Karsten Advisors, a Fort Worth, Tex.-based hybrid firm manages $500 million in assets. Cerity now has nearly $22 billion in assets under advisement. Last month, it bought Blue Prairie Group, which oversees...

Advisory firms' value is tied to the market's value

April 30, 2019

If you're an adviser, hopefully you don't recommend that your clients use leverage to juice returns. (Especially not your older clients.) Yet many principals of advisory firms are themselves highly leveraged, and most do nothing about reducing...

Choppy stock market leads to fewer wirehouse reps fleeing the coop

April 30, 2019

The stock market correction at the end of last year is being credited with putting a damper on breakaway broker activity during the first three months of this year. The latest data from Echelon Partners show that just 94 advisers exited the...

Indianapolis-based RIA managing $575 million affiliates with Ron Carson

April 30, 2019

Spectrum Wealth Management, a registered investment adviser based in Indianapolis, Ind., managing $575 million, is affiliating with Carson Wealth. In a deal Carson calls an "equity swap option," Spectrum will rebrand itself as Carson Wealth...

HighTower invests in $4.8 billion California advice firm

April 29, 2019

Chicago-based HighTower announced an investment Monday in LourdMurray, a Beverly Hills, Calif.-based advisory firm that manages $4.8 billion as a result of its own recent merger with San Diego, Calif-based Delphi Private Advisors. The merger...

A near-record quarter for RIA acquisitions

April 26, 2019

The total of 31 acquisitions of registered investment advisers that occurred during the first quarter is just one shy of the record and signals more good news for those advisers looking to sell their firms. "I would call it a blockbuster quarter,"...

FWM to acquire Optima Fund Management

April 25, 2019

FWM Holdings, the New York-based parent company of multifamily offices Forbes Family Trust and LGL Partners, will acquire Optima Fund Management, a New York-based private investment firm specializing in alternative investments. (More:​ Bronfman...

Centerbridge said to be in talks to buy Advisor Group

April 23, 2019

Centerbridge Partners is in talks to buy independent broker-dealer Advisor Group Inc. for more than $2 billion, according to people familiar with the matter. The private equity firm could reach a deal as soon as this week to acquire Advisor...

Mariner to acquire $1.3 billion RIA in Florida

April 18, 2019

Mariner Wealth Advisors of Overland Park, Kan., will acquire Singer Xenos Schechter Sosler, a wealth advisory firm based in Coral Gables, Fla. The firm's four named partners and its 16 associates will remain with Mariner, the firm said in a...

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