M&A
CI Financial
The Canadian financial services company has agreed to sell a 20% minority investment in its US wealth management business to a group of institutional investors.
This includes a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Bain Capital, Flexpoint Ford, Ares Management funds, the State of Wisconsin, and others collectively known as the investors.
The approximately $1bn (£800m, €910m) investment is being made at a $7.1bn enterprise value for CI US.
At the closing of the investment, CI Financial will hold 80% of CI US with the Investors holding the remaining 20%.
This means that CI Financial will not undergo an IPO of its US wealth management business.
Cresset Asset Management
The wealth firm has merged with True Capital Management to create a multi-family office with nearly $33bn in assets under management.
It with offices in 19 locations across the US. The strategic combination expands Cresset’s presence in the sports and entertainment industry.
True is a multi-family office that specializes in guiding a diverse roster of clients across sports, entertainment, and entrepreneurism to financial security and generational wealth.
Wealth Enhancement Group
The wealth management firm has acquired Minnesota-based Infinity Wealth Alliance for an undisclosed sum.
The team at Infinity Wealth Alliance led by founder Luther Hagen, oversees more than $238m in client assets.
Savant Wealth Management
The wealth firm has acquired Pennsylvania-based advice firm Domani Wealth for an undisclosed sum.
It has 23 employees and $1.53bn in assets under management.
Domani Wealth marks the fourth acquisition of 2023 for Savant, and its second partnership in Pennsylvania. With this acquisition, Savant’s footprint expands to 32 offices in 11 states, including five in Pennsylvania.
Domani Wealth’s eight partners will become equity owners in Savant at closing.
Hightower
The advice group has made an undisclosed strategic investment in Washington-based Ten Capital Wealth Advisors.
It serves a variety of clients including business owners, executives and multi-generational families.
Captrust
The financial advice firm has bought Massachusetts-based Aevitas Wealth Management for an undisclosed sum.
Aevitas provides financial planning and advisory services to individuals, families, and small businesses, in addition to advice and investment services for endowments, foundations, and retirement plans.
The wealth management firm brings $567m in assets to Captrust, along with four colleagues.
People moves
Neuberger Berman
The investment manager has named Shannon Saccocia as chief investment officer of NB Private Wealth.
Most recently, Saccocia was the chief investment officer for SVB Private, which acquired Boston Private Wealth in July 2021.
Modern Wealth Management
The advice firm has hired Stephen Tuckwood as director of investments and Nicole Bittner as head of growth operations.
Prior to joining Modern Wealth, Tuckwood was vice president of alternative investments and manager selection at Goldman Sachs.
Bittner joins Modern Wealth from Goldman Sachs, where she most recently held the role of vice president of strategic partnerships and commercial engagement.
Principal Financial Group
Roberto Walker will retire from the firm after serving as president of Principal Latin America for more than 12 years.
Luis Valdés, former president of Principal International, will rejoin the company on an interim basis as chairman of Latin America until the company names Walker’s successor.
Walker will retire from Principal on 30 June 2023, after 27 years serving in several leadership roles in Latin America.
Ameriprise Financial
Wealth management practice McCay Kuznitz Hess Group has joined the branch channel of Ameriprise Financial in Red Bank, New Jersey.
Ed McCay, Mark Kuznitz and Larry Hess moved their practice to Ameriprise from Merrill Lynch.
Fairport Wealth
The Ohio-based Hightower advisory business has named Mike Drennen as chief wealth officer.
Before joining Fairport, Drennen worked at Hightower Advisors, Fairport’s parent company, as an executive director on the adviser engagement team partnering with advisory firms across the country in running profitable, efficient and growing businesses.
