Mesirow has added a high-net-worth and ultra-high-net-worth registered investment advisory firm in a deal which expands its wealth management offering.
The addition is Chicago-based Front Barnett Associates, founded in 1994 and led by Marshall B. Front, Mickey MacMillan and Peter Wahlstrom, which had more than $1.2 billion in assets under supervision as of June 30.
"We are excited to welcome the Front Barnett team to Mesirow," said Natalie Brown, Mesirow CEO. "Their capabilities and commitment complement our firm's 86-year history of advising families, entrepreneurs and non-profits on their most important financial goals, and this acquisition aligns well with our focus on comprehensive, personal financial planning."
The new team’s capabilities will give Mesirow clients access to fundamentally driven, actively managed equity and fixed income strategies while Front Barnett clients will continue to benefit from the capabilities and client service they know, while gaining a prominent parent firm with deep resources, strong capital, and robust infrastructure.
Front Barnett will operate as a distinct platform within the broader Mesirow Wealth Management offering, branded as Front Barnett, A Mesirow Company. The transaction is expected to complete towards the end of September subject to customary closing conditions.
The existing Front Barnett leadership will also remain in place.
"Our partnership with Mesirow brings important benefits to our clients and firm," said Marshall B. Front, who founded the firm in 1994. "We will gain additional expertise and support in managing compliance, technology and administrative matters as we continue to seek competitive investment returns and deliver the high level of personalized financial advice and communications our clients expect."
Retiring RIA seller David Laidlaw alleges the Carnegie valued his stake on $11.7 million EBITA while pitching potential buyers on $21.3 million.
New tool gives RIAs and family offices AI help vetting private market deals, with some users reportedly halving review time.
Investors got projected returns dressed up as real ones, SEC says
Parents must still act to get the $1,000 federal seed and employer contributions, giving financial advisors a role in the rollout.
FINRA booted Rudy Anguiano from the industry for “conversion - the intentional and unauthorized taking of another person’s property.”
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
