M&A
Mercer Global Advisors
The registered investment adviser (RIA) firm has bought wealth manager AFI Wealth Strategies.
AFI serves approximately 220 clients with assets under management of approximately $240m ($173m, €201m) and was founded by Andrew Farah.
The AFI team will be joining Mercer Advisors.
The financial terms of the deal were not disclosed.
Stratos Wealth Enterprises
The subsidiary of Stratos Wealth Holdings has made a strategic investment in Summit Wealth Partners, a RIA firm that oversees $600m in client assets.
The financial terms of the deal were not disclosed.
Summit is led by co-presidents and chief executives Jason Print and Chad Warrick, with offices in Naples, Florida, and Grand Rapids, Michigan, along with its headquarters in Orlando, Florida.
The firm includes six financial advisers among its 18 staff.
As part of the investment, Stratos is taking a non-voting, minority stake in Summit, which will continue to be led by Print and Warrick and do business under the Summit brand.
CIBC
The banking group has completed a strategic investment in Loop Capital, a Chicago headquartered financial services firm.
Loop Capital provides investment banking, brokerage, asset management and wealth management services to corporations, municipalities, hospitals, universities, institutional investors and high net worth individuals.
Financial terms were not disclosed.
People moves
RBC Wealth Management
The wealth manager has hired a team to its San Francisco office.
The Seidler Cattich Group joins from Wells Fargo and is composed of:
- Joseph Seidler, managing director and financial adviser;
- Gary Cattich, managing director and financial adviser;
- Max Lewin, financial adviser;
- Kayvan Izadpanah, financial adviser; and
- Roy Mendoza, investment associate.
Raymond James
Financial advisers Steven Williams, Kevin Townsend, Steven Williams and Pamela Fisher have joined the firm.
The advisers operate as Williams & Townsend Wealth Management Partners of Raymond James and joined from Merrill Lynch.
Joining them at Raymond James are practice business manager Kim Smith and senior client service associates Barbara Hillman and Anne Beck.
