AMG Wealth Advisors, a subsidiary of Affiliated Managers Group, which has been making investments in advisory firms in recent years, has kicked off 2015 with a sizable deal in the RIA space. The firm announced on Tuesday that it was taking a majority stake in Baker Street Advisors, a San Francisco-based investment adviser that had $5.2 billion in assets under management, according to SEC filings from last year. It now has $6 billion in assets under administration, according to a press release. (More: $1B firm merges under consolidation pressures) As part of the deal, Baker Street's partners will still retain a “substantial” portion of their equity and direct the day-to-day operations. Additional details of the transaction were not disclosed. Baker Street was founded in 2003 by Jeff Colin and has around 31 staff members, according to SEC filings. Last year, it was ranked 27th on InvesmentNews' list of top fee-only RIAs by assets under management. (More: Mariner picks up $1 billion RIA) Affiliated Managers Group, AMG's parent company, invests in various investment firms. Its affiliates have around $626 billion in assets under management. In 2012, AMG made its first big acquisition in the wealth management space when it took an equity stake in Veritable, a Newton Square Pa.-based firm with $10 billion in AUM. Where is the RIA industry heading?
Federal prosecutors say the scheme used fake investment accounts and a fictitious financial advisor to lure victims into romance-fueled fraud.
Morgan Stanley sought to claw back recruiting bonus money from Darryl Cohen.
Referrals from centers of influence may open the door, but the real key to success for advisors comes from clarity about their ideal clients and where they want to show up.
Three advisor groups overseeing more than $700M in combined client assets head to new firms.
New research finds most Americans fear a US retirement crisis, while skepticism grows toward AI financial advice and crypto in retirement plans.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
