Sequoia Financial Group is adding more than $5 billion in assets with its pending acquisition of Zeke Capital Advisors.
The deal, which is expected to close Feb. 28, represents one of the largest RIA transactions of 2023 and will push Sequoia’s total assets to more than $15 billion.
The acquisition will double the size of Sequoia’s family wealth practice, both in terms of assets under management and in client households, with the combined teams offering a full suite of services to ultra-high-net-worth families and institutions.
“This is a strategic transaction by Sequoia to strengthen their ultra-high-net-worth and multifamily office business,” said David DeVoe, founder and chief executive of DeVoe & Co.
“This move will also extend their geographic footprint while strengthening their value proposition,” he added. “Sequoia continues to gain momentum as a serial acquirer, and this investment will help them gain more interest from multifamily office firms.”
Founded in 1991 by Tom Haught, Akron, Ohio-based Sequoia manages more than $10 billion and employs more than 180 people throughout the central and southeastern United States.
Zeke, founded in 2008 in Berwyn, Pennsylvania, by veteran fund manager Edward Antoian, is a multifamily office firm led by Antoian and Gee Smith that employs 28 people.
“Together, we will broaden and deepen Sequoia’s family wealth practice, add to our full-service team of family wealth advisors, and enhance the range of our investment offerings as we expand our role within this strategic market,” Haught said in a statement.
Antoian said that after a search for the right partner, “Sequoia emerged as the ideal firm to support Zeke’s mission of serving multigenerational families."
“Joining Sequoia’s successful family wealth practice will help ensure our clients will be in great hands for generations to come,” he added.
Zeke will begin operating under the Sequoia Financial Group brand on March 1.
Antoian and Smith will remain actively involved with the firm, according to the announcement.
Wealth management is a key focus for a new service tier.
Advisors can set their practice apart and win more business with a powerful graphic describing their unique business and value proposition.
The Labor Department's reversal from its 2022 guidance has drawn approval from crypto advocates – but fiduciaries must still mind their obligations.
With $750 million in assets and plans to hire a RIA Growth Lead, Autopilot is moving beyond retail to court advisors with separately managed accounts and integrations with RIA custodians such as Schwab and Fidelity.
Elsewhere on the East Coast, a Boca Raton-headquartered shop has acquired a fellow Florida-based RIA in "a natural evolution for both organizations."
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
