Cerulli research sees major acquisitions and mergers drive growth in the IBD channel, with advisors increasingly drawn to independence and scale.
Also, Raymond James transitions its asset management leadership, while US Bank names president of affluent wealth division.
The fund last week failed to get shareholder approval to reorganize the fund so that it could eventually list before the end of the year.
Elsewhere, Raymond James attracts more Commonwealth teams, Wells Fargo adds nearly $1 billion with UBS and JPMorgan defections, and Baird welcomes a veteran advisor from Edelman.
The fund did not initially win shareholders’ approval during a first round of voting that was tallied on September 4.
COO says since its summer transition to Cambridge Associates, the hybrid RIA has welcomed several teams representing $634 million in combined client assets.
Raymond James also kept its Commonwealth recruitment streak going, while Americana Partners and Pallas Capital Advisors each hired a veteran specialist advisor to boost their offerings.
Coming from Summit Financial Networks, the newest addition brings $425 million in client assets to the employee-based RIA in North Carolina.
RBC has also lured a billion-dollar advisor from JPMorgan, while Raymond James and Osaic reel in more ex-LPL advisors.
Survey reveals adoption gaps and opportunities for financial advisors across channels
The agreement gives Cetera advisors access to structured investment banking support as private business owners seek tailored strategies for successful exits.
"I am so excited that we get to actually now show our advisors and their clients why we went through all this," Cornick told InvestmentNews during the company's annual conference.
Two new firms have been created by advisors seeking greater independence.
Ameriprise and Wells Fargo's FiNet have also scored recent wins with additions from LPL, Morgan Stanley, and Ziv.
The partnership helps more advisors address Peak 65 clients' concerns with a new retirement income offering on LPL's managed accounts platform.
The giant hybrid IBD's newest partners, including one formerly with LPL, reinforces its status as a supporter of smaller lenders expanding into the wealth space.
Independent wealth manager sharpens national growth strategy with leadership appointments
Meanwhile, LPL welcomes a $400 million planning-focused team from Edward Jones in southeast Missouri.
"The fourth Industrial Revolution, driven by artificial intelligence, cloud computing, and digital platforms," is what will transform wealth management, Price said.
