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.
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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.