M&A
Brown Wealth Management (BWM)
The independent wealth management firm has acquired Truuwater Financial.
The transaction combines two San Diego-based wealth managers, expanding BWM to 14 professionals and total client assets of $1.2bn (£870m, €1bn).
This acquisition is the first step in BWM’s expansion strategy, which envisions tripling the firm’s assets to over $4bn by 2025, through acquisitions as well as organic growth.
Robert Meyer, Truuwater’s chief executive and chief investment officer, who will continue to serve as a member of the firm’s investment committee and a senior adviser with BWM.
The financial details of the acquisition were not disclosed.
Cetera
The financial advice firm has agreed to acquire certain assets related to the independent financial planning channel of Voya Financial Advisors (VFA).
Through this acquisition, VFA independent financial professionals will become part of Cetera.
By joining Cetera, the financial professionals will gain comprehensive, leading-edge growth capabilities, with increased flexibility and choice as independent business owners.
The team and independent financial professional network from VFA will form a distinct business within Cetera, as part of Cetera Advisor Networks.
It will continue to be led by president Tom Halloran, as well as leadership and service teams who will also join Cetera.
The financial terms of the deal were not disclosed.
People moves
Veris Wealth Partners
The wealth management firm has promoted chief operating officer Stephanie Cohn Rupp to chief executive.
Cohn Rupp has previously served as head of impact investing at Tiedemann Advisors.
Founding partner Patricia Farrar-Rivas will remain with Veris as chair of the firm’s partner group and senior wealth manager after running the company for 13 years as chief executive.
First Republic Bank
The private bank and wealth management company has hired Michael Kramer to join First Republic Investment Management in New York City.
Kramer, who was named managing director and wealth manager, is joined by two associates.
Before joining First Republic, Kramer was a principal at B Riley Wealth Advisors
Goodman Financial Corporation
The wealth firm has hired Steven VanNostrand as senior financial adviser.
Prior to joining Goodman Financial, VanNostrand was a wealth management adviser at TIAA for five years.
Wilmington Trust
The wealth management service provider names Christopher Van Horn as a senior wealth adviser.
He served as a senior analyst in equity research at B Riley.
UBS Wealth Management USA
Three financial advisers have joined the firm in Houston, Texas.
Joseph Zurfley will be based in the city centre office, and Dale Heysse and Jason Valentz will be based in the Sugarland office.
Zurfley joins UBS as assistant market head of the south Texas market. Prior to joining UBS, he served as a vice president and financial adviser at Merrill Lynch.
Heysse joins UBS as a financial adviser and portfolio manager and held positions at Schlumberger.
Valentz joins UBS as a financial adviser and portfolio manager, and he was a managing director and commodity trader for global commodity and index products at Merrill Lynch.
B Riley Wealth Management
Steven Arcos has joined the firm as managing director and branch manager of the Los Angeles office.
He joins from Oppenheimer & Co, where he served as branch manager of the Los Angeles, Westwood branch, business development manager, and managing director of investments.
