Arax Investment Partners has expanded its presence in the Eastern US with another acquisition in the Empire State.
The growing wealth management platform announced Monday its acquisition of Omni Financial Advisory Group, a Poughkeepsie, New York-based RIA that has been operating for more than three decades.
The deal adds a small, multi-generational practice to Arax’s Arax Advisory Partners platform, where the firm is assembling a network of advisor-led businesses serving high-net-worth clients and institutions.
“Partnering with Arax prepares us for sustainable long-term growth, expanding our offerings and capabilities without losing touch with the core values that have defined this firm for decades,” Omni founder Gregory Bayer said in a statement. “We’re excited to enter the next chapter for our family’s business.”
Bayer has been registered in the industry since 1986, according to his BrokerCheck record, which includes more than 20 years as a broker affiliated with Cetera Advisors.
Omni Financial was founded more than 30 years ago and is staffed by Bayer and two of his children, Braedon Bayer and Reilly Bayer, according to the release. The firm offers investment management and financial planning, as well as guidance on annuities and life insurance.
Arax did not disclose financial terms of the transaction or how many client assets Omni advises.
Arax chief executive officer Haig Ariyan framed the acquisition as another step in building a national platform designed to keep local advisory teams intact while giving them broader resources.
"Welcoming Omni Financial to our firm is both a validation of the business we are building and a reflection of the strength of our model,” Ariyan said. He added that Arax targets firms with “deep client relationships and sustainable businesses.”
With private equity backing from RedBird Capital Partners, Arax positions itself as a growth partner for the advisory firms it makes strategic investments in by providing M&A expertise and capital sourcing capabilities.
The Omni deal follows other expansion moves by Arax this year as it pushes into multiple regions through both acquisitions and team lift-outs.
Earlier this month, Pinnacle Peak Private Client Group – a Scottsdale, Arizona-based team overseeing $460 million in assets under management – joined Ashton Thomas Private Wealth, one of the RIAs in Arax’s orbit.
In February, Arax also announced the acquisition of Cleveland-based GFP Private Wealth, a firm managing about $1.5 billion in assets and has been in business since 1978. That deal brought GFP onto the Arax Advisory Partners platform, with Arax positioning the combination as a way to support growth while maintaining GFP’s existing culture.
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