M&A
Mercer Global Advisors
The US advice group has bought Missouri-headquartered Convergent Wealth Management for an undisclosed sum.
Convergent was founded by managing member John Stobbs and investment adviser, analyst and managing member Jeannie Seabaugh.
The entire Convergent team will be joining Mercer.
ARS Wealth Advisors Group
The Focus Financial partner firm has acquired registered investment adviser (RIA) business Holloway Wealth Management for an undisclosed sum.
The transaction is expected to close in the second quarter of this year, subject to customary closing conditions.
Founded in 2005 by Sam Holloway, Holloway is Florida-based firm that offer wealth and investment management services to high net worth professionals, business owners, retirees and their families, primarily in the Gainesville area.
This transaction is ARS’ first merger since joining Focus in July 2021.
Creative Planning
The advice group has bought RIA firm Emery Howard for an undisclosed sum.
It manages over $1.8bn (£2.36bn, €2.13bn) in assets under management.
Wealth Enhancement Group
The independent wealth management firm has acquired Florida-based Financial Management Concepts for an undisclosed sum.
Led by founder and president, Brian Fricke, the firm oversees more than $188m in client assets.
With this latest partnership, Wealth Enhancement Group client assets will grow to more than $55.6bn.
Upon the closing of the transaction, Fricke will serve as senior vice president and financial adviser.
Hightower
The advisory group has made a strategic investment in New York-based Altium Wealth Management for an undisclosed sum.
The firm is offers wealth management and advisory services for high and ultra-high net worth clients and their families.
Hightower advisers will gain access to Altium’s direct indexing solution, which will enable them to create customised portfolios.
CI Financial
The Canadian financial services group has acquired certain assets of Eaton Vance WaterOak Advisors, formerly Eaton Vance Investment Counsel (EVIC) of Boston.
CI Financial is not the only firm to buy certain assets of Eaton Vance WaterOak Advisors – as family office Pathstone has also bought a stake in the company.
Prior to its acquisition by Morgan Stanley in 2021, EVIC served as the wealth management affiliate of Eaton Vance.
The firm, which traces its history to 1924, provides wealth management services – including investment management, financial, estate and tax planning, and family office and trust services.
The EVIC deal is expected to close in the fourth quarter of 2022, subject to regulatory approvals and other customary closing conditions.
The financial terms were not disclosed.
People moves
Fiduciary Trust International
The global wealth manager and wholly-owned subsidiary of Franklin Templeton has named Julie Min Chayet as wealth director at its New York office.
Min Chayet joins from Bank of America Private Bank, where she served as managing director in the Westport, Connecticut office.
BNY Mellon Wealth Management
The wealth manager has named Kevin Davis as senior client strategist.
He joins from Fidelity Family Office Services, where he served as vice president, business development. He provided custody, trading, technology and investment services to single family offices, ultra-high-net-worth families and their advisers.
Cresset Asset Management
The multi-family office has hired a trio of wealth advisers from Bank of America Private Bank, Fidelity Investments, and JP Morgan Securities.
Chris Georgopoulos joins Cresset’s West Palm Beach, Florida, office; Thomas McKeown joins Cresset’s headquarters office in Chicago; and Beth Kytle Chandler joins Cresset’s office in Atlanta.
Prior to Cresset, Chandler most recently served as vice president and wealth adviser with JP Morgan Securities.
Georgopoulos was most recently at Bank of America Private Bank, where he was a private client adviser.
Prior to Cresset, McKeown worked in various roles at Fidelity Investments, most recently as a financial consultant.
Raymond James
Financial adviser Samuel Martin has joined the wealth firm.
Operating as SJ Martin Wealth Management, Martin is joined by client service associate Janis Cook in their Beaufort, South Carolina office.
Martin was previously affiliated with Edward Jones.
Also, Raymond James hired financial advisers David Vallie and Mitch Vallie to join its offices in Grand Blanc, Michigan.
The advisers operate as Vallie Wealth Management of Raymond James and join the firm from Merrill Lynch.
The team includes senior registered client service associate Michelle Loney.
