Beacon Pointe Advisors, a Newport Beach, California-based RIA managing $10 billion, has acquired Wealthstreet Investment Advisors, a Dallas-based registered investment advisory firm managing more than $1 billion.
Wealthstreet’s Joe Ray, Michael Kane and Michael Beck join Beacon Pointe as managing directors, with Leslie Reynoso and Lynette Heil also joining as equity partners.
Wealthstreet was founded as Gerald L. Ray and Associates in 1977 and adopted its current name in 2017.
The deal brings Beacon Pointe's AUM in the Dallas area to about $2 billion, according to the press release, following a 2016 acquisition in the area.
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