M&A
CI Financial
The Canadian group has agreed to acquire Silicon Valley wealth manager Portola Partners Group for an undisclosed sum.
Portola Partners provides investment and wealth planning solutions to families.
This news comes as CI Financial confirmed it would be establishing a US headquarters in Miami.
Focus Financial Partners
The partnership of wealth management firms has agreed to buy US and Canada-based Cardinal Point Capital Management and Cardinal Point Wealth Management for an undisclosed sum.
The transaction is expected to close in the fourth quarter of 2021.
Since 2009, Cardinal Point has provided investment and estate, tax and financial planning solutions to high net worth individuals and families in both the US and Canada.
Elsewhere, Focus’ global subsidiary Connectus Wealth Advisers has agreed to buy Connecticut-based advice firm NorthCoast Asset Management .
The deal is expected to close in the fourth quarter of 2021, subject to customary closing conditions.
iM Global Partner
The global asset management network has expanded its US-based product offering by acquiring a strategic non-controlling stake of 42% in investment advisor Asset Preservation Advisors (APA).
APA specialises in managing high quality tax-exempt and taxable municipal bond portfolios for registered investment advisers, family wealth offices, financial advisers and institutional clients.
This is the eighth partnership that iM Global Partner has taken on in six years and is the second US partner in 2021.
Through this partnership, APA joins iM Global Partner’s global asset management and distribution network.
Kudu Investment Management
The firm has acquired a minority stake in registered investment adviser (RIA) firm Douglass Winthrop Advisors (DWA).
The financial terms were not disclosed.
Founded in 2000, DWA has 32 employees and offices in New York, Boston, Washington, DC, and West Palm Beach.
The firm provides investment advisory and wealth management services for high net worth clients, with a focus on multi-generational families and trusts.
People moves
JTC
The financial services group has bolstered its US operation with a double hire.
Tim Carroll has been appointed head of trust and fiduciary of private client services in Americas.
He was previously chief trust officer at UBS Trust Company based in Delaware and most recently president and chief executive at New York Private Trust Company.
Also, Gregg Homan has been appointed head of domestic business development – private client services in Americas.
He was most recently senior vice president and head of sales at Arden Trust Company.
Polar Capital
The specialist active asset management group has hired Adam Schneider as director of business development to its North American sales team.
He joins Polar Capital after three years at Nuveen, where he managed global consultant relations as an associate vice president.
UBS Private Wealth Management
Financial adviser Daniel Gray has joined the wealth manager in Los Angeles, California.
Prior to joining UBS, Gray served as a managing director and private banker at Deutsche Bank for more than 15 years.
Also, UBS Private Wealth Management hired a six-person financial adviser team in Indianapolis, Indiana.
The team, called FEF Wealth Partners, serves ultra-high net worth (UHNW) families and institutions across the country, primarily in Indiana and Kentucky.
They join UBS from JP Morgan Private Bank.
The team includes financial adviser Brett Headley, financial adviser Kaus Christopher, financial adviser Dan Larner, senior wealth strategy associate Karin Veatch, senior wealth strategy associate Rick Grimes and client service associate Jaimie Shrieve.
Seventy2 Capital Wealth Management
The independent wealth practice has added adviser Mike Hartman as financial adviser to its Hunt Valley office.
Hartman has joined Seventy2 Capital after 12 years with Wells Fargo Advisors and brings 23 years of experience in the industry.
Raymond James
The wealth firm has hired financial advisers Joel Moline, Scott Mercer, Bassem Abou-Zeid and John Sullivan to its Minneapolis, Minnesota office.
The team, which operates as Moline Mercer Wealth Management Group of Raymond James, joins from Merrill Lynch.
]Joining them are senior client service associate Gina Sedlacek and senior registered client service associate Michele Weiss.
