M&A
Goldman Sachs
The US bank has agreed to acquire United Capital Financial Partners for $750m (£586m, €670m) in cash.
The transaction is expected to close in the third quarter of 2019, subject to customary regulatory approvals and conditions.
United Capital is a registered investment advisor with $25bn of assets under management.
It has over 220 financial advisers serving 22,000 clients in over 90 offices across the US.
United Capital also operates FinLife CX, a digital platform that helps independent advisers grow their business and form stronger relationships with their clients.
The acquisition will expand Goldman Sachs’ wealth management business, which is comprised of Private Wealth Management and Ayco that together have nearly $500 billion of assets under supervision.
As part of the transaction, Joe Duran, founder and chief executive of United Capital, as well as its employees, will join Goldman Sachs.
Vistra Wealth Management
The Focus Financial Partners subsidiary has agreed to acquire Oregon-based Hines & Warner Wealth Management.
The transaction is expected to close in the third quarter of 2019, subject to regulatory conditions.
Founded by Earl Hines and Greg Warner in 2007, Hines Warner provides financial planning and investment management services to high net worth families and individuals across the US.
Wilde Wealth Management
The firm has joined forces with JRS Wealth Management and Hallmark Financial.
As part of the partnership, Hallmark will move its team into JRS’ office, which is located in Tucson.
Both teams will retain their branding as well as their staff through the move and partnership.
People Moves
MetLife
The insurance firm has appointed Cindy Pace as global chief diversity and inclusion officer.
In the role, Pace will develop on MetLife’s global diversity and inclusion strategy.
Pace joined MetLife in 2013 to lead the company’s first global women’s initiative to advance women in leadership roles.
AIG Life and Retirement
The subsidiary of American International Group has appointed Terri Fiedler as president and chief executive of AIG Financial Distributors, the sales and distribution organisation for AIG Life and Retirement.
Fiedler succeeds Steve Maginn, who will become vice chairman, partner relations for life and retirement.
She has 25 years of sales leadership and national account management experience.
Prior to joining AIG, Fiedler was senior director and National Account Management at Invesco.
RBC Wealth Management
The group has hired financial adviser David Hollenberg as managing director in Florham Park, New Jersey office.
He has more than 24 years of industry experience, all spent at Merrill Lynch.
Hollenberg manages more than $250 million in client assets.
Also joining with Hollenberg are Debra Barnes, senior business associate, and Lorraine Pescatore, senior client associate.
JP Morgan Asset Management
Jesse Fogarty has joined as a managing director and senior portfolio manager in the firm’s US long duration fixed income investment team.
Fogarty joined from Insight Investment, where he was a lead portfolio manager for US focused credit mandates.
He will report to Steven Lear, chief investment officer for JP Morgan’s US fixed income macro investment team.
CoughlanGiambrone
The boutique financial planning firm has named Sharon Kaelin as co-director of client service and operations.
Kaelin, who has 12 years of industry experience, will be servicing clients and assisting with financial plan development.
Kayne Anderson Rudnick (KAR)
Kevin O’Regan has become senior wealth adviser at the investment firm’s Boston office.
He will report to Stephen Rigali, executive managing director.
O’Regan joins KAR with over a decade of experience in business development and relationship management.
In his previous role, O’Regan was vice president at the Blackstone Group, where he focused on managing, marketing and selling alternatives.
B Riley Wealth Management
Myles Scott has joined the firm as senior vice president at its Houston, Texas office.
Scott previously served as associate director at US Capital Advisors, where he advised high net worth clients including entrepreneurs, senior executives, business owners, affluent families, and family offices.
Spearhead
The wealth manager has named Dallas Kantoci and Roy Love as associate directors of investment services.
Both Kantoci and Love will be working out of Spearhead office in Wellington, Florida.
Prior to joining Spearhead, Kantoci was based in Dubai and Kuala Lumpur at IBU Labs, where he directed the development of predictive data analytics for the cryptocurrency and foreign exchange markets.
Love worked in a global shareholder services role at Goldman Sachs.
New business
Dynasty Financial Partners
The firm has partnered with Merrill Lynch wealth adviser Craig Robson to form a wealth management business called Regent Peak Wealth Advisors.
Robson managed $450 million in client assets at his previous firm.
Based in Atlanta, Robson is the founding principal and managing director.
The firm has a total staff of five professionals, and joining Robson from Merrill Lynch are the following individuals:
- Kevin Manning, chief financial officer;
- Nathan Hoyt, chief investment officer;
- Carmen Laster – chief compliance officer; and
- Emily Raymond – chief operating officer.
Dynasty has also partnered four former UBS wealth advisers to form the wealth management firm Great Diamond Partners based in Maine.
Joining from UBS are:
- Steven Tenney – chief executive and founding partner. Tenney has worked at UBS since 1993, most recently as senior vice president and senior portfolio manager.
- Joseph Powers – he leads the financial planning and insurance strategies. He worked at UBS as a private wealth adviser since 2000.
- Helen Andreoli – chief financial officer and founding partner. Andreoli has 20 years’ experience in the financial services industry.
- Jack Piper – founding partner. He worked as a financial advisor at UBS Wealth Management for four years.
