M&A
UBS
The global private banking group has agreed to acquire digital wealth manager Wealthfront in an all-cash transaction valued at $1.4bn (£1.05bn, €1.26bn).
Through this acquisition, UBS will enhance its growth ambitions in the US, broaden the firm’s reach among affluent investors and expand its distribution and capabilities.
With over $27bn in assets under management and more than 470,000 clients in the US, Wealthfront’s platform helps clients easily manage their wealth by providing access to financial planning capabilities, banking services and investment management solutions.
Following the transaction, Wealthfront and its clients will benefit from access to UBS’s wealth management capabilities.
As UBS looks to establish and grow relationships with additional affluent clients, Wealthfront’s capabilities will become the foundation of its new digital offering which will also include access to remote human advice.
In addition, Wealthfront will expand UBS’s existing offering through the firm’s wealth advice centre, which focuses on serving core affluent clients, and its workplace wealth solutions business.
Wealthfront’s existing clients will see no immediate change to their offering.
Digital wealth manager Wealthfront will become a wholly owned subsidiary of UBS and will operate as a business within UBS Global Wealth Management Americas.
The transaction is currently expected to close in the second half of 2022, subject to closing conditions including regulatory approvals.
EP Wealth Advisors
The independent registered investment adviser (RIA) firm has acquired Klein Financial Advisors for an undisclosed sum.
The Newport Beach-based acquisition expands EP Wealth’s presence in the greater Los Angeles area.
Lauren Klein, founder and president of Klein Financial Advisors, will assume the role of vice president – senior wealth adviser at EP Wealth Advisors.
Client service manager Jamie Klein will also join the EP team.
Baird
The international wealth manager has agreed to buy Pittsburgh-based Hefren-Tillotson for an undisclosed sum.
Hefren-Tillotson is a wealth management firm with more than $18bn in client assets and offers investment and retirement plan management, financial planning, and other services.
The deal is expected to close in June with Hefren-Tillotson being fully integrated into Baird by October.
Established in 1948, Hefren-Tillotson has over 90 financial advisers operating from six offices in greater Pittsburgh.
People moves
Magnus Financial Group
Jonathan Rodriquez has joined the firm as vice president, client relationship manager.
Prior to joining Magnus, Rodriquez was a portfolio associate with Morgan Stanley Wealth Management for six years.
Alex Brown
The Raymond James subsidiary has hired financial adviser Fernando Campoo to its Miami, Florida office.
Operating as Condor Financial Group, Campoo works with his clients to create investment strategies to achieve their goals.
He was previously affiliated with Citigroup Global Markets.
