Beacon Pointe Advisors, a Newport Beach, California, registered investment adviser that manages $9.9 billion, is acquiring CBD Wealth Management, a Metairie, Louisiana-based firm managing $690 million.
This is Beacon Pointe’s second acquisition since it sold a minority ownership stake to private equity investor Abry Partners in March.
“The culture fit between Beacon Pointe and CBD is spot on,” said Matt Cooper, partner and president of Beacon Pointe.
“Our synergies are profound, and as always, we are truly excited to partner with great people,” Cooper said.
CBD brings 11 additional members to Beacon Pointe, including partners Rocky Daigle, Bobby Comeaux, and Walter Bond.
“We're really excited to leverage Beacon Pointe's infrastructure and expertise in the areas of investment management, planning, HR, compliance, marketing and operations,” Comeaux said. “As we've grown, the behind-the-scenes work was eating away at more and more of our time. This partnership will free us up to focus on what's most important -- our clients and their financial needs."
The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.
The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.
The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”
The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.