People moves
Voya Financial
The health, wealth and investment company has appointed Heather Lavallee as chief executive.
She is currently chief executive of Voya’s wealth solutions business.
Lavallee will succeed Rodney Martin Jr on 1 January 2023, when Martin, who also serves as chairman of Voya’s board of directors, will assume the role of executive chairman.
Apollon Wealth Management
The registered investment adviser (RIA) firm has hired Eric Sterner as chief investment officer.
Sterner was most recently vice president of PGIM’s strategic investment research group’s portfolio construction team.
RBC Wealth Management
The wealth manager has hired Kuosen Fung as senior vice president and financial adviser in its Marin County office.
Fung joins from Merrill Lynch.
Alex Brown
The Raymond James subsidiary has hired financial adviser Trevor Ronderos in Miami, Florida.
Ronderos previously managed worked at Goldman Sachs.
As part of the transition, Ronderos and client service associate Ana Sofia Garcia will join Alex Brown’s Brickell Avenue branch.
Lido Advisors
Walker Williams has been named managing director of the mountain west region for the wealth firm.
He joins Lido from Bernstein Private Management.
Also, Lido has hired Anthony Cortina as vice president and senior wealth manager.
M&A
Kingswood Acquisition Corporation (KWAC)
The Spac has entered into a business combination with Wentworth Management Services.
The transaction will enable Wentworth, a broker-dealer aggregator, to go public.
As a result of the business combination, KWAC and Wentworth will become wholly owned subsidiaries of Binah Capital Group.
Binah Capital Group will become a publicly traded company, subject to regulatory approvals.
The combined entity is expected to encompass over 1,900 advisers, $25bn (£20.92bn, €24.6bn) in assets under management and over $285bn in affiliated assets under management.
WA Asset Management
The RIA firm has acquired BT Wealth Management for an undisclosed sum.
BTWM was founded in 2008 as the wealth management division of accounting firm Bennett Thrasher.
BTWM’s entire 14-person team will join WAAM.
In addition to announcing the acquisition, WAAM plans to rename itself and redefine its brand in the coming months.
Dakota Wealth Management
The independent investment management firm has agreed to buy Montana-based Loveless Wealth Management for an undisclosed sum.
Loveless is Dakota Wealth’s fourth transaction in the past 12 months.
In addition to Loveless founder and president Donald Loveless, Brian Suskevich, Maribeth Rector and Hillary Lester will remain in place to serve their current clientele.
Mercer Global Advisors
The RIA firm has acquired Harrison & Company Wealth Management (HCO) and Starks Financial Group for an undisclosed sum.
HCO was founded by Bruce Harrison, senior partner. HCO’s team will also be joining Mercer Advisors.
Dawn Starks founded Starks Financial Group in 1999.
