M&A
Kingswood
The UK wealth manager will increase its interest in Manhattan Harbor Capital (MHC) to 20% from 7%.
This comes as it completes the acquisition of wealth firms Chalice Capital Partners and Chalice Wealth Advisors.
Chalice will be merged into MHC, which will increase Kingswood’s stake in MHC to a majority 50.2%.
MHC will be renamed Kingswood US, which will be the business that spearheads the company’s future strategy in the country.
On completion, Kingswood US is projected to have around 180 authorised representatives, with offices in New York, Atlanta and San Diego.
Derek Bruton joins Kingswood as part of the Chalice acquisition and will assume the role of chief executive of Kingswood US.
He will partner with Mike Nessim, the current majority owner and leader of MHC.
The financial terms of the MHC deal were not disclosed.
Franklin Resources
The global investment manager has acquired AdvisorEngine, a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms in the US
AdvisorEngine will work closely with Franklin Templeton to co-create solutions, including goals-based financial planning tools, digital portfolio construction analytics and research-enabled practice management services.
The leadership team at AdvisorEngine will remain in place and continue to operate the business as an independent subsidiary of Franklin Templeton.
The financial terms of the deal were not disclosed.
Emigrant Partners
The New York Private Bank & Trust subsidiary has made a minority investment in San Francisco-headquartered financial planning firm Parallel Advisors.
Parallel currently manages approximately $3bn (£2.43bn, €2.78bn) of assets under management
It offers long-term planning, investment portfolio management, retirement lifestyle solutions, and tax and estate planning.
The financial terms of the deal were not disclosed.
Hightower
The wealth firm has made a strategic investment in Ohio-based advisory group Osborn, Williams & Donohoe.
It serves other high net worth individuals with its 15 employees, including five advisers.
The transaction is expected to close in the third quarter of 2020, subject to regulatory approvals.
The financial terms of the deal were not disclosed.
People moves
BNY Mellon Wealth Management
Myriam Soto has been named as head of international wealth planning and fiduciary services at the firm.
In this role, she will be responsible for the delivery of multi-jurisdictional wealth planning and fiduciary services.
Soto rejoins BNY Mellon after two years as a senior wealth adviser for JP Morgan’s Latin America private bank.
Elsewhere at the firm, BNY Mellon WM named Camille Alexander as a regional president in Washington, DC.
Prior to joining BNY Mellon in 2013, Alexander held senior positions at JP Morgan, Bank of America and USAA.
Morgan Stanley Investment Management
The investment firm has named Emily Chew as global head of sustainability based in New York.
Most recently, Chew was the global head of environmental, social and governance at Manulife Investment Management.
Guardian Life
The life insurance firm has appointed Kermitt Brooks as executive vice president and general counsel.
He succeeds Eric Dinallo, who left Guardian in February.
Brooks joins Guardian from AXA Equitable Life Insurance Company, where he was senior executive director and general counsel.
Klingenstein Fields Wealth Advisors
The US wealth management firm has named Andrew Crofton as managing director.
Crofton joins the firm from BNY Mellon, where he was a senior wealth director.
UBS
The wealth management giant has hired Justin Low to join the Schultz Group, which is part of its Phoenix, Arizona branch.
He will be a financial adviser, senior portfolio manager and senior vice president of wealth management.
Low joins the firm from Morgan Stanley.
RBC Wealth Management
The wealth manager has bolstered its operation in Austin, Texas.
It has hired Steven Franco as senior vice president and financial adviser, David Storer as first vice president and financial adviser, and investment associate Charlotte Stachour.
The team oversees approximately $417m in client assets and specialises in fixed income investing.
They all join from Wells Fargo.
Alex Brown
The wealth division of Raymond James has hired client advisers Enrique Triana and Ricardo Kassin to its Miami, Florida office.
Triana and Kassin have both joined Alex Brown from UBS.
