Lightyear's Wealth Enhancement Group acquires $1 billion RIA

The serial acquirer's latest addition is AEPG Wealth Strategies of Warren, N.J.

Jul 18, 2019 @ 2:49 pm

By InvestmentNews

Lightyear Capital's Wealth Enhancement Group, a Minneapolis, Minn.-based hybrid firm that has been an active acquirer of RIA firms, will acquire AEPG Wealth Strategies, a registered investment adviser managing $1 million in Warren, N.J.

AEPG has 27 employees and serves more than 600 advisory and retirement plan clients, as well as having specialized expertise in advising medical professionals, as well as designing and implementing employee benefits packages for manufacturers.

Lightyear Capital, headed by securities industry veteran Donald Marron, bought a majority stake in Wealth Enhancement Group in 2015. Since then, mainly through a series of acquisitions, it has more than doubled its AUM from $4.7 billion to $11.8 billion.

More: Wealth Enhancement Group buys second Philly-area RIA in as many months

In addition to continuing to serve its clients, AEPG advisers will serve as pension and group employee benefits specialists on the Wealth Enhancement Group Roundtable.

Under the terms of the transaction, Steven Kaye, CEO and founder of AEPG, will continue to lead the firm's team, serving as senior vice president and managing director of Wealth Enhancement Group.

Financial terms of the transaction, which is expected to close on October 1, were not disclosed.

Wealth Enhancement Group is a hybrid firm; it clears its securities transactions through LPL Financial and uses a variety of custodians for its registered investment advisory business.


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