M&A
Pathstone
The family office has entered into an agreement to acquire Texas-based Brainard Capital Management for an undisclosed sum.
Founded by Owen Brainard in 2004, Brainard advises on approximately $2bn (£1.6bn, €1.8bn) in combined assets under management and administration.
The combination will bring Pathstone’s total assets under advisement and administration to over $80bn. Pathstone will now have offices in 17 cities across the US with over 350 team members, more than 180 of whom are shareholders of the firm.
JP Morgan
The banking group has bought the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corporation (FDIC).
The acquired First Republic businesses will be overseen by JPMorgan Chase’s Consumer and Community Banking (CCB) co-chief executives, Marianne Lake and Jennifer Piepszak.
Wealth Enhancement Group
The wealth management firm has purchased Heacock & Jones Financial Services for an undisclosed sum.
The team at Heacock & Jones Financial Services, led by president Paul Heacock, oversees more than $355m in client assets.
Founded in 2000, Heacock & Jones Financial Services specialises in providing financial planning, investment management, tax planning, insurance, retirement planning and estate planning.
Modera Wealth Management
The wealth manager has acquired North Carolina-headquartered Parsec Financial.
All of Parsec’s employees have joined Modera and 24 of those employees have become Modera owners, giving the combined business a total of 61 employee owners.
People moves
Cresset
Liz Nesvold has joined the firm as president.
She was previously a managing partner at Silver Lane Advisors.
Coldstream Wealth Management
The employee-owned wealth management firm has appointed Matt Sonnen as chief operating officer.
Before joining Coldstream, Sonnen founded and served as chief executive of PFI Advisors.
UBS
Brian Zakrocki and Joseph Wladyka have joined the firm as managing directors and private wealth advisers in New York City.
Brian and Joseph are joined from First Republic Investment Management by relationship manager Lora Tloczkowski, senior client service associate Victoria Lieb, senior wealth strategy associate Ryan Malloy and wealth strategy associate Luke Persico.
RBC Wealth Management
The wealth manager has hired two teams from First Republic to its San Francisco office.
The Friedman Peters Group includes managing director and financial adviser Mark Friedman and managing director and financial adviser Mitchell Peters.
The Nickel Cox Group includes managing director and financial adviser Mark Nickel and senior vice president and financial adviser Michael Cox.
Summit Financial
The advice firm has expanded its regional footprint with the launch of Michigan-based Great Lakes Private Wealth.
The independent practice is led by founder and chief investment officer Daniel Murphy, who previously spent more than 10 years at Wells Fargo and more than 30 at UBS.
Joining Murphy in launching the firm are partner and portfolio manager Patrick Patin, wealth relationship manager Carla Stamps, wealth relationship manager Anne Nordloh, and director of client experience Melissa Hauer.
Collectively, this team oversaw more than $400m in assets under management while at Wells Fargo.
