SageView Advisory Group, a Newport Beach, California-based hybrid whose registered investment adviser manages $133.7 billion, will acquire Capital One Investing’s client portfolios totaling $900 million.
The transaction, terms of which were not disclosed, is scheduled to be completed in the second quarter.
Capital One Investing is an RIA subsidiary of Capital One Financial Corporation, a McLean, Virginia-based bank holding company. It has about 1,100 clients, according to the SEC’s database of RIA firms. In addition to the portfolio assets being acquired, the wealth professionals who serve those clients and who are located across the country, also will join SageView.
In 2018, ETrade Financial acquired approximately 1 million retail brokerage accounts from Capital One Financial Corp. for $109 million. Morgan Stanley acquired E*Trade in 2020.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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