Wealth Management Buyout Acquisitions in 2020
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December 31, 2020
- Buyer
- Mercer Global Advisors, Inc. (Mercer Advisors)
- Target
- Marrs Wealth Management, LLC
- Seller
- Marrs Wealth Management, LLC, Craig Marrs, Andra L. Reason, Nathan Brammer
- Industry
- Wealth Management
- Location
- Iowa, United States
- Type
- Buyout
Mercer Global Advisors (Mercer Advisors), a national registered investment adviser headquartered in Denver, acquired Marrs Wealth Management, LLC, an Ames, Iowa-based wealth management firm with approximately $215 million AUM serving ~275 clients. The deal closed December 31, 2020, and four Marrs team members (including founders/LLC members Craig Marrs, Andra Reason, and Nathan Brammer) joined Mercer; the move was driven primarily by succession planning and to expand client services and back-office capabilities.
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November 24, 2020
- Buyer
- CI Financial Corp.
- Target
- RGT Wealth Advisors, LLC
- Industry
- Wealth Management
- Location
- Texas, United States
- Type
- Buyout
CI Financial Corp. will acquire a majority ownership stake in RGT Wealth Advisors, a Dallas-based registered investment advisor with approximately US$4.7 billion in client assets, in a deal to be paid in cash and CI shares. The transaction, expected to close in Q4 2020 subject to regulatory and stock exchange approvals, expands CI's U.S. wealth footprint (bringing U.S. wealth assets to ~US$21 billion) while RGT principals will retain a meaningful ownership stake.
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- Buyer
- Hub International Limited
- Target
- Baystate Fiduciary Advisors, Inc.
- Industry
- Wealth Management
- Location
- Massachusetts, United States
- Type
- Buyout
Hub International Limited acquired the assets of Baystate Fiduciary Advisors, Inc., a Boston-based fiduciary advisory firm that manages approximately $2.9 billion in client assets. The deal strengthens Hub’s Retirement and Private Wealth capabilities in New England by adding Baystate’s talent and retirement plan advisory services; Baystate’s Managing Partner Gregg Andonian will join Hub RPW in the region.
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November 5, 2020
- Buyer
- CI Financial Corp.
- Target
- Doyle Wealth Management, Inc.
- Seller
- Robert Doyle, Jillian Doyle
- Industry
- Wealth Management
- Location
- Florida, United States
- Type
- Buyout
CI Financial Corp. will acquire 100% of Doyle Wealth Management (DWM), a St. Petersburg, Florida–based RIA overseeing approximately US$1.1 billion in assets. The deal expands CI’s U.S. wealth-management footprint into Florida and strengthens its wealth-planning and tax capabilities; DWM’s co-founders Robert and Jillian Doyle will continue to lead the business after close.
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October 8, 2020
- Buyer
- Mercer Global Advisors, Inc.
- Target
- Personal Financial Advisors, LLC
- Seller
- Personal Financial Advisors, LLC, Robert J. Reed, Jr.
- Industry
- Wealth Management
- Location
- Louisiana, United States
- Type
- Buyout
Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Personal Financial Advisors, LLC (PFA), a Covington, Louisiana-based wealth management firm. PFA serves roughly 140 clients with approximately $105 million in AUM; founder Robert J. Reed, Jr. and his staff will join Mercer as the firm establishes its first physical presence in Louisiana.
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September 18, 2020
- Buyer
- Kingswood Holdings Limited
- Target
- Regency Investment Services Limited
- Industry
- Wealth Management
- Location
- Surrey, United Kingdom
- Type
- Buyout
Kingswood Holdings Limited has acquired Regency Investment Services Limited for a total consideration of £3.45 million, subject to regulatory approval. The deal, funded in part through convertible preference shares subscribed by HSQ Investment Limited (linked to Pollen Street Capital), increases Kingswood's client-facing advisory team and brings approximately £320m of AUA/AUM and ~1,000 clients into the group.
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August 18, 2020
- Buyer
- Creative Planning, Inc.
- Target
- Miller Financial Management
- Industry
- Wealth Management
- Location
- Indiana, United States
- Type
- Buyout
Creative Planning Inc., a large independent Registered Investment Adviser based in Overland Park, Kansas, acquired Miller Financial Management, an RIA in Muncie, Indiana that managed approximately $150 million in client assets. The acquisition expands Creative Planning’s presence in Indiana and provides continuity and expanded resources for Miller Financial Management’s clients and team.
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August 11, 2020
- Buyer
- Creative Planning Inc.
- Target
- Lenox Wealth Management
- Industry
- Wealth Management
- Location
- Ohio, United States
- Type
- Buyout
Creative Planning Inc. acquired Cincinnati-based Lenox Wealth Management, an RIA with approximately $600 million in assets under management. The acquisition brings Lenox’s advisors and clients into Creative Planning’s platform to expand the firm’s Cincinnati presence, broaden service offerings, and provide additional technology and scale to support growth.
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July 31, 2020
- Buyer
- Franklin Resources, Inc. (Franklin Templeton)
- Target
- Legg Mason, Inc.
- Industry
- Wealth Management
- Location
- Maryland, United States
- Type
- Buyout
Franklin Resources (operating as Franklin Templeton) completed its acquisition of Legg Mason, creating one of the world’s largest independent investment managers with roughly $1.4–$1.5 trillion in combined AUM. The all-cash transaction (approximately $4.5 billion) included assumption of about $2 billion of Legg Mason debt; the firms said Legg Mason’s specialist investment affiliates will retain operational autonomy while benefiting from Franklin Templeton’s global platform and distribution.
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July 30, 2020
- Buyer
- Pathstone
- Target
- Cornerstone Advisors Inc.
- Industry
- Wealth Management
- Location
- Washington, United States
- Type
- Buyout
Pathstone, a partner-owned multigenerational family office, has acquired Cornerstone Advisors Inc., a Bellevue, Washington-based wealth and lifestyle management firm. The combination adds Cornerstone's ~$4 billion AUM and ~65 employees to Pathstone, expanding capabilities, scale and partner ownership across the combined firm (roughly 200 employees across nine offices and ~$20 billion in advisory assets).
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July 14, 2020
- Buyer
- Creative Planning, Inc.
- Target
- Thun Financial Advisors
- Industry
- Wealth Management
- Location
- Wisconsin, United States
- Type
- Buyout
Creative Planning, a large independent wealth management firm, has acquired Thun Financial Advisors, a Registered Investment Adviser that manages about $600 million in client assets. The deal strengthens Creative Planning’s ability to serve U.S. citizens living and working overseas by adding Thun’s cross-border advisory expertise to its offering.
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June 29, 2020
- Buyer
- Empower Retirement
- Target
- Personal Capital
- Industry
- Wealth Management
- Location
- California, United States
- Type
- Buyout
Empower Retirement has acquired digital wealth manager Personal Capital for up to $1 billion in enterprise value (approximately $825 million at closing plus up to $175 million for growth). The acquisition combines Empower's retirement plan services with Personal Capital's digital-first financial planning and wealth management platform to deliver integrated digital and human advice to retirement plan participants and individual investors.
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June 26, 2020
- Buyer
- Orion Advisor Solutions, Genstar Capital, TA Associates
- Target
- Brinker Capital
- Industry
- Wealth Management
- Location
- Pennsylvania, United States
- Type
- Buyout
Orion Advisor Solutions and Brinker Capital have completed a merger to create an integrated technology and turnkey asset management platform (TAMP), backed by new investor Genstar Capital alongside continuing investor TA Associates. The combined business expands Orion's wealthtech capabilities and Brinker’s investment management scale — creating a unified TAMP with roughly $44 billion in assets and service access for more than 10,000 active advisor representatives.
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June 23, 2020
- Buyer
- Creative Planning, Inc.
- Target
- Sunrise Advisors, Inc.
- Seller
- Dave Scott, Sam Scott, David Walsh
- Industry
- Wealth Management
- Location
- Kansas, United States
- Type
- Buyout
Creative Planning, an independent wealth management firm based in Overland Park, Kansas, acquired Sunrise Advisors, a Leawood, Kansas-based registered investment adviser managing approximately $700 million in AUM. The deal brings Sunrise’s advisors and clients into Creative Planning’s platform to expand its Kansas City presence and add wealth management capabilities and talent.
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June 19, 2020
- Buyer
- Aimia Inc.
- Target
- Mittleman Brothers LLC, Mittleman Investment Management, LLC
- Industry
- Wealth Management
- Location
- New York, United States
- Type
- Buyout
Aimia Inc. has closed the previously announced acquisition of Mittleman Brothers LLC, the parent company of Mittleman Investment Management, LLC. As part of the transaction Phil Mittleman was appointed permanent CEO of Aimia and Chris Mittleman named Chief Investment Officer and board member; Aimia said the deal provides a platform to execute its new strategy as an investment holding company.
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June 17, 2020
- Buyer
- Cresset Asset Management
- Target
- PagnatoKarp
- Industry
- Wealth Management
- Location
- Virginia, United States
- Type
- Buyout
Cresset Asset Management has combined with Reston, Virginia-based PagnatoKarp, adding PagnatoKarp’s $2.3 billion in AUM to create a combined RIA with $9.5 billion in assets and eight offices. The deal brings PagnatoKarp’s team into Cresset and expands Cresset’s wealth management and family office capabilities and scale.
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June 16, 2020
- Buyer
- The Mather Group
- Target
- Resource Advisory Services
- Industry
- Wealth Management
- Location
- Tennessee, United States
- Type
- Buyout
The Mather Group (TMG), a family- and employee-owned wealth management firm headquartered in Chicago, has acquired Knoxville-based Resource Advisory Services, a fiduciary-only RIA with $116 million in assets under management. The deal expands TMG’s footprint in the Southeast and increases its AUM, while Resource Advisory Services’ founder David Lewis joins/partners with TMG under its fiduciary, fee-only platform.
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June 10, 2020
- Buyer
- CAPTRUST Financial Advisors
- Target
- Lakeside Wealth Management
- Industry
- Wealth Management
- Location
- Indiana, United States
- Type
- Buyout
CAPTRUST Financial Advisors announced that Lakeside Wealth Management, a Chesterton, Indiana-based wealth management and retirement-plan advisory firm with $1.6 billion in assets under advisement, has joined CAPTRUST. The Lakeside team of 27 employees will take on the CAPTRUST name, expanding CAPTRUST's nationwide headcount and increasing its assets under advisement.
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February 21, 2020
- Buyer
- Wealth Enhancement Group
- Target
- JOYN Advisors, Inc.
- Industry
- Wealth Management
- Location
- Georgia, United States
- Type
- Buyout
Wealth Enhancement Group, a Greater Minneapolis-based independent wealth management firm overseeing about $17 billion in client assets, announced the acquisition of JOYN Advisors, Inc., an Atlanta-based registered investment adviser with roughly $1.3 billion in client assets and 35 employees. The deal (financial terms undisclosed) marks Wealth Enhancement Group's first office in the Atlanta area and is expected to close by April 1, 2020.
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January 28, 2020
- Buyer
- Mercer Global Advisors, Inc.
- Target
- First Ohio Planning, LLC
- Seller
- James S. Ryan (owner of First Ohio Planning, LLC)
- Industry
- Wealth Management
- Location
- Ohio, United States
- Type
- Buyout
Mercer Global Advisors, Inc. (Mercer Advisors) has acquired First Ohio Planning, LLC, a Columbus, Ohio-based wealth management firm owned by James S. Ryan. Ryan and his five-person team will join Mercer’s Columbus office; First Ohio serves approximately 280 households with about $350 million AUM, and the deal strengthens Mercer’s ERISA and retirement-plan capabilities while expanding its Columbus presence.
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- Buyer
- Fiduciary Trust Company International
- Target
- The Pennsylvania Trust Company
- Industry
- Wealth Management
- Location
- Pennsylvania, United States
- Type
- Buyout
Fiduciary Trust Company International, a global wealth manager and subsidiary of Franklin Resources (Franklin Templeton), agreed to acquire The Pennsylvania Trust Company, an independent, employee-owned wealth management firm based in Radnor, Pennsylvania. The deal expands Fiduciary Trust's presence in the Philadelphia market and enhances its suite of trust, estate, investment and tax planning capabilities for high-net-worth clients; terms were not disclosed and the transaction was expected to close in Franklin Resources' 2020 fiscal third quarter.
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January 1, 2020
- Buyer
- Cerity Partners
- Target
- EMM Wealth
- Industry
- Wealth Management
- Location
- New York, United States
- Type
- Buyout
Cerity Partners, a Chicago-based independent financial advisory firm, announced a merger with New York-based EMM Wealth. The deal brings EMM Wealth's $3 billion AUM and 36 employees into Cerity Partners, expanding Cerity's presence and capabilities in New York and raising Cerity's total AUM to approximately $26 billion.
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