Wealth Enhancement Group, a Minneapolis-based hybrid registered investment adviser, has acquired Macro Consulting Group, a Parsippany, New Jersey-based hybrid managing $900 million.
After the close of the transaction, terms of which were not disclosed, Wealth Enhancement Group’s assets under management are expected to exceed $35.5 billion, the company said in a release.
Mark Cortazzo, who founded the now 24-person firm in 1992 and led it with Nick Spagnoletti, will join Wealth Enhancement Group. Both Cortazzo and Spagnoletti have more than 30 years of experience.
The firm will operate under the Wealth Enhancement Group brand as the Macro Team.
Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant
Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.
Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL
Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.
“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.
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