Emigrant Partners, a subsidiary of New York Private Bank & Trust, has completed a minority investment in Verdence Capital Advisors, a financial planning and wealth management firm managing $3 billion and headquartered near Baltimore.
Terms of the investment were not disclosed.
Verdence said it will use the investment to invest in its platform, expand its team and develop a national footprint through M&A.
Verdence was founded in 2012 as Kelly Wealth Management. In 2017, it rebranded as Verdence Capital Advisors after separating from Hightower Advisors, the company said in a release.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
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