M&A
Sanctuary Wealth
European investment manager Azimut Group has signed an agreement to make a significant equity investment in the US wealth firm.
Azimut will complete the transaction through its US subsidiary, AZ US Holdings Inc.
With the strategic backing from Azimut, Sanctuary Wealth will continue investing in the growth of its partner firms, and in strategic acquisition of other registered investment advisers (RIAs) and wirehouse practices nationwide.
Sanctuary’s national network includes 41 partner firms, spans 17 states and employs more than 100 advisors with a total of $12bn (£9.14bn, €10.1bn) in assets under advisement.
The financial terms of the deal were not disclosed.
CI Financial
The Canadian firm has agreed to acquire a majority interest in the Houston-based RIA firm Stavis & Cohen Financial.
SCF is a leading Houston-based wealth management firm led by co-founders Deborah Stavis, chief executive, and Eddie Cohen, chief investment officer.
The transaction, which is subject to customary closing conditions, including regulatory approval, is expected to close prior to year-end.
The financial terms were not disclosed.
Also, CI Financial has agreed to acquire 100% of Doyle Wealth Management, a RIA firm in the Tampa Bay area of Florida.
DWM, based in St. Petersburg, provides a wide range of wealth management services, including financial planning and customised investment portfolios, to high-net-worth individuals.
Robert Doyle, chief executive, and chief financial officer Jillian Doyle, who co-founded the Company in 2005, will continue to lead the business following the close of the transaction.
The financial terms of the deal were not disclosed.
People moves
Royal Alliance Associates
The network member firm of Advisor Group has hired Pacific Capital Resource Group (PCRG), a group supervising 40 financial professionals.
Co-founded by chief executive Kurt Jonson in 1998, PCRG offers retirement planning, wealth advisory services, investment planning and insurance solutions to individuals and families, as well as business planning, valuation, benefits and insurance services to small business clients.
PCRG’s professionals are based in offices throughout Bellevue, Washington, Lake Oswego, Oregon, and Scottsdale, Arizona.
