M&A
City of London Investment Group
The instutional asset management firm has entered into a merger agreement to acquire the entire issued share capital of US-based investment manager Karpus Management for £78.4m ($98.37m, €87.5m).
Karpus Management offers private wealth management and family office services and has $3.4bn (£2.71bn, €3.02bn) in funds under management.
George Karpus founded KMI in 1986 and is currently chairman of the board and chief investment strategist of KMI.
Tom Griffith will remain as global chief executive and will be based in Coatesville, Pennsylvania and report to the CLIG board of directors.
CLIG said that KMI will continue to operate as a distinct entity and a fully operational business within the enlarged group.
Many of the firm’s operational functions are already based in the US and will remain so following completion of the merger.
Sanctuary Wealth
The adviser network has added Wigand Integrated Wealth (WIW) in Colorado Springs, Colorado to its expanding list of partner firms.
The firm was jointly founded by Reinhold Wigand, an adviser who spent more than 22 years with Merrill Lynch Wealth Management, and his son Samuel Wigand, another former Merrill Lynch adviser.
Reinhold Wigand recently served as senior vice president, senior portfolio manager, and resident director of Merrill Lynch’s Colorado Springs office.
Sam Wigand previously worked as a financial adviser in the Wigand Group at Merrill Lynch Wealth Management.
In addition to the Wigands, the third member of the WIW team is registered client service associate Robert Forest, who most recently served as senior registered client service associate at Resolute Independent Advisors.
The terms of the deal were not disclosed.
The Mather Group (TMG)
The family- and employee-owned wealth management firm has acquired Barnett Financial, an Austin-based firm.
The Barnett Financial deal marks TMG’s fifth acquisition in the last 18 months, and third office in Texas.
Barnett is a wealth management practice, providing clients with financial planning and portfolio management.
The financial terms of the deal.
Captrust Financial Advisors
The firm has bought Lakeside Wealth Management, based in Chesterton, Indiana.
The Lakeside team has $1.6bn in assets under advisement and 27 employees.
It provides retirement plan design, investment management, and participant education for institutions and financial planning, retirement goal setting, and legacy planning for wealth management clients.
Founded in 2002 by chief executive Mark Chamberlain, the firm is also led by president Tim Rice and senior leaders Chip Mang and Timothy VerSchure, who will all be joining Captrust as principals.
The financial terms of the deal were not disclosed.
People moves
Perigon Wealth Management
The wealth firm has named Mary Ballin as a wealth manager and head of its East Bay office in San Francisco.
Ballin joins Perigon after almost 17 years at Private Ocean and its predecessor firm, Mosaic Financial Partners.
Golden State Wealth Management
The firm has hired Brian Matz as a wealth manager in Agoura Hills, California.
Matz comes to Golden State from Wedbush Securities.
TFC Financial
The independent financial advisory firm has appointed Michael Meehan as vice president and client adviser.
Prior to joining TFC, Meehan was with BNY Mellon Wealth Management for almost 20 years, most recently as a senior director.
RBC Wealth Management
The firm has hired a three-person adviser team to join its Philadelphia office.
The Mangan, Ernst & Rankin Wealth Management Group comes to RBC Wealth Management from Janney Montgomery Scott.
The team is composed of:
- Clark Mangan, first vice president and financial adviser, he will be based out of the Mount Laurel, New Jersey office
- James Ernst, first vice president and financial adviser, he will be based out of the Conshohocken, Pennsylvania office
- David Rankin, senior vice president and financial adviser, he will be based out of the Conshohocken office.
Raymond James
The broker dealer arm of the US investment firm has hired financial advisers Tim Gross, Leslie Gross and Mike Brown to join its St Petersburg, Florida office.
They join Raymond James from Merrill Lynch, where they previously managed approximately $350m in client assets.
The team is joined by senior registered service associate Jamila Kravarusic and operates as Sherman, Gross & Brown Wealth Management of Raymond James.
Business development
Blacktower Group
The global financial advisory network has acquired a licence to enter the US market.
Nexus Global IFA is now fully operational in the United States, with premises open for business to support its member firms.
International Adviser reached out to Blacktower and it clarified that its US business, Blacktower Financial Management US, is directly licensed by the Securities and Exchange Commission (SEC) and it has extended this licensing umbrella to its Nexus members.
Its financial advice subsidiary, Blacktower Financial Management, is registered with the Securities and Exchange Commission (SEC) in the US as well.
