Allworth Financial, the Sacramento, Calif.-based registered investment adviser formerly known as Hanson McClain Advisors, has acquired Houston Asset Management, a registered investment advisory firm managing $450 million.
The Houston, Texas-based firm, which was founded more than 40 years ago and consists of 13 people, increases Allworth’s assets under management to approximately $8 billion.
The transaction is Allworth’s eighth acquisition since it received a capital injection from private equity firm Parthenon Capital in 2017.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
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