M&A
HighTower
The wealth firm has made a strategic investment in Lexington Wealth Management (LWM), a Massachusetts-based advisory group that serves entrepreneurs, executives, professionals, affluent women, high net worth individuals and families.
Founded in 2000 by Michael Tucci and Kristine Porcaro, the group has 17 employees, including 11 advisers.
The practice plans to grow its client base, expand through acquisitions and scale the business.
LWM chose to join HighTower after considering strategic partnerships with a number of other entities, including banks, private equity and wealth management firms.
This is HighTower’s 24th external registered investment adviser (RIA) deal since inception and its third in 2019.
The LWM acquisition follows HighTower’s strategic investments earlier this year in LourdMurray and Green Square Wealth Management, and, in the last two years, WealthTrust and Salient Private Client (now HighTower Texas), including Salient Private Client’s trust group.
The financial terms of the deal were not disclosed.
EP Wealth Advisors (EP Wealth)
The RIA has acquired California-based financial planning firm Personal Financial Consultants (Personal Financial).
The deal bolsters the firm’s presence in the San Francisco Bay area.
Loren Kayfetz, founder of Personal Financial, and Jonathan Spector, partner, will each assume the role of vice president and wealth adviser at EP Wealth.
All other employees of Personal Financial will also join EP Wealth.
This is EP Wealth’s third acquisition of 2019. Earlier this year, the firm acquired Conlon Dart Wealth Management in Seattle and Pathlight Investors in Phoenix.
The purchase will increase EP Wealth’s assets under management by more than $200m.
Financial terms of the deal were not disclosed.
Bluespring Wealth Partners
The newly formed business has acquired Hickory Asset Management.
Based in Concord, Ohio, Hickory Asset Management is an independent RIA offering financial planning and portfolio management services to individuals, corporate executives, and business owners.
Hickory Asset Management is led by president Daniel LeScoezec, who has over three decades of financial services experience.
Bluespring Wealth was launched in July 2019 and works exclusively with legacy-minded RIA and wealth management firms.
The financial terms of the deal were not disclosed.
People moves
Bryn Mawr Trust (BMT)
The wealth management subsidiary of Bryn Mawr Bank as hired Jeffrey Mills as senior vice president and chief investment officer.
Mills reports directly to Jennifer Dempsey Fox, president of BMT Wealth Management, and will maintain an office at the firm’s Berwyn, Pennsylvania.
He will be responsible for investment strategy across BMT’s wealth management platform.
Most recently, Mills was managing director and co-chief investment strategist at PNC Financial Services Group in Philadelphia.
Mansha Financial
The wealth firm has appointed Jagneet Malhotra as its chief executive.
He has been part of the Mansha team for three years, beginning as the vice president of strategic growth.
The firm specialises in tax strategies, estate and succession planning, and group benefit plans and will continue to serve the needs of businesses, high net worth individuals, and now athletes and entertainers.
Farm Bureau Financial Services
Ann Frigonhas has joined the company as a wealth management adviser.
She joins from Carson Wealth Management, where she was a wealth adviser in Western Kansas.
Frigonhad has 25 years of financial industry experience in the sector.
