M&A
CI Financial
The Canadian firm has agreed to buy Seattle-based wealth firm McCutchen Group for an undisclosed sum.
McCutchen Group has $3.4bn (£2.5bn, €2.9bn) in assets under management.
This transaction is expected to boost CI’s US wealth management assets to approximately $83bn.
Mercer Global Advisors
The registered investment adviser (RIA) firm has bought Texas-based Lake Point Advisory Group for an undisclosed sum.
Lake Point was founded in 2007 by Reid Johnson and offers wealth management to mass affluent and high net worth individuals, families, and their businesses.
Reid and his team of 19 staff members will be joining Mercer Advisors.
Raymond James
The US firm has announced plans to acquire Pittsburgh bank TriState Capital Holdings in a deal worth $1.1bn.
If the deal goes through, TriState will continue operating as a standalone brand, with its management and 350 employees remaining in their current offices.
The company’s Chartwell Investment Partners also will continue operating as its own brand under the umbrella of Raymond James’ Carillon Tower Advisors.
Berger Financial Group
The Minneapolis-based wealth management firm has acquired Dane Holdings, a financial and tax consultancy firm.
This will be Berger Financial Group’s 13th acquisition since being established 40 years ago.
Dane Holdings will take Berger Financial Group’s name and all full-time employees currently working in its offices will remain employed.
The financial terms of the deal were not disclosed.
People moves
BNY Mellon Wealth Management
The wealth manager has named Rajesh Nakadi as head of investments, global family office.
Prior to joining BNY Mellon, he was senior vice president, global family office at UBS Private Wealth Management for seven years.
First Republic Bank
The private bank and wealth management company has appointed David Munoz as managing director and wealth manager.
Before joining First Republic, he was a senior vice president and senior financial adviser at Merrill Lynch.
RBC Wealth Management
The wealth manager has hired the Ventrella-Ellis Group from Morgan Stanley
The team includes senior vice presidents and financial advisers Marco Ventrella and Christopher Ellis. It serves high net worth and ultra-high net worth individuals and families, with a special concentration on corporate executives and their families.
The firm has also hired Stephen McGovern as managing director and financial adviser in its Stuart branch.
He joins from Merrill Lynch.
The McGovern Wealth Management Group also includes two support staff members:
- Donna Childress, senior registered client associate; and
- Melanie Rivera, senior registered client associate.
Pimco
The fixed income investment manager has named Ayman Hindy as managing director.
Prior to joining Pimco, he was an operating partner at Safar Partners.
