Kestra Financial's new rollup lands its first RIA

Bluespring acquires $152.6 million firm in Ohio, Hickory Asset Management Inc.

Aug 20, 2019 @ 4:44 pm

By Bruce Kelly

Bluespring Wealth Partners, an RIA rollup firm launched by independent broker-dealer Kestra Financial Inc. just last month, has acquired its first firm.

Hickory Asset Management Inc. of Concord, Ohio, which has $152.6 million in client assets, is Bluespring's first acquisition. Terms of the sale were not disclosed.

[Recommended video: How the client experience will be different in five years]

Bluespring is concentrating on buying registered investment advisers from owners looking to retire or who want to begin the process of turning over their business to new owners. Private equity shop Warburg Pincus bought a majority stake in Kestra Financial earlier this year.

Merger and acquisition deals are on a record pace this year.

First-half data released at the end of July by DeVoe & Co. show 65 acquisitions of RIAs through June, which compares with 50 during the same period last year. The boost this year occurred during the second quarter, when there were 33 transactions, compared with 18 during the same quarter a year ago.


What do you think?

View comments

Recommended next


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print