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.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
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