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.
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