People moves
State Street
Yie-Hsin Hung has been named as president and chief executive of asset management business State Street Global Advisors.
She will join in December 2022 from New York Life Investment Management (NYLIM), where she served as chief executive since 2015.
Hung succeeds Cyrus Taraporevala, whose planned retirement was announced earlier this year.
On Hung’s arrival, Taraporevala will assume the role of adviser and stay through early 2023 to provide a smooth transition of responsibilities.
First Republic Bank
The private bank and wealth management company has hired a nine-member team led by Harold Reinstein and Michael Nelson in Scarsdale, New York.
Reinstein and Nelson were each named managing director and wealth manager. Daniel Sirota and Pascale Hainline were each named senior vice president and wealth manager, and Kimberly Ferry was appointed vice president and wealth manager.
They join from Merrill Lynch Wealth Management and will provide portfolio management, retirement planning, investment consulting and other wealth management services to individuals, families, nonprofits and private family foundations.
Steward Partners Global Advisory
Joseph Faber has been named as chief financial officer of the wealth firm.
Prior to joining Steward Partners, Faber was senior vice president of corporate development at Cetera.
UBS
The wealth manager has hired 10 advisers in Washington, DC.
They have joined from Merrill, where they managed $2.85bn (£2.6bn, €2.93bn) in client assets.
Private wealth advisers William Slater, James King, Scott Fitzenreiter and Ryan Shuler have joined the firm’s northeast private wealth market, managed by Julie Fox
They are joined by Carey Greenauer, Gigi Peterson, Gregory Porter, Amanda McKenna, Nancy Robinson and Jim Ball.
In other news, financial advisers Kevin Murphy, Michael Brennan, George Seals, Daniel Shannahan, John Green and Elliott Warren have also joined UBS’s mid-Atlantic wealth management market, managed by Ellen Pierce.
BNY Mellon Wealth Management
The wealth manager has named Adam Jones as senior client strategist.
He joins BNY Mellon Wealth Management from Bank of America, where he served as vice president, business banking senior relationship manager.
M&A
OneDigital Investment Advisors
The registered investment adviser (RIA) firm has acquired KB Financial Partners and KB Financial Advisory Partners for an undisclosed sum.
The acquisition of the New Jersey-based wealth management, family office, and corporate finance advisory firm marks OneDigital’s sixth strategic wealth management transaction in 2022.
The addition of KB increases OneDigital Investment Advisors’ total assets under management to approximately $107.8bn.
EP Wealth Advisors
The RIA firm has bought Massachusetts-based Minot Wealth Management for an undisclosed sum.
Led by managing directors Brian Mulvey, Patrick Donovan and William Corcoran, Minot WM has grown to approximately $1.1bn in AUM.
All three Minot leaders will assume the role of managing director/partner at EP, and all of Minot’s staff members will also join the EP team.
MAI Capital Management
The advice firm has bought Maryland-based Prime Investment Advisors for an undisclosed sum.
At MAI, Prime founder Stephen Polan will assume the role of senior wealth adviser and managing director.
Prime adds approximately $140m in assets under management.
Wealth Enhancement Group
The wealth management firm has acquired Ohio-based Bohmer Kilcoyne Wealth Management.
Bohmer Kilcoyne Wealth Management’s team of three advisers and five support staff, led by Mike Bohmer and John Kilcoyne, oversee more than $677m in client assets.
The financial terms of the deal were not disclosed.
