Nearly three months after getting a key investment from TPG, Atlanta-based wealth giant Homrich Berg is making a splash with a deal to snap up a multibillion dollar RIA.
On Wednesday, the $18 billion RIA giant announced its acquisition of WMS Partners, a $6.4 billion firm based in Towson, Maryland.
The deal, expected to close in early 2025, will incorporate WMS Partners into Homrich Berg’s family office division, expanding the firm’s presence into the mid-Atlantic region.
Founded in 1993, WMS Partners offers a comprehensive suite of services for high- and ultra-high-net-worth clients, including estate planning and private investment solutions. With over 80 employees and partners, the Maryland-based RIA is known for its multi-family office approach to wealth management.
“HB is highly selective as we evaluate potential partners, and we are thrilled to join forces with WMS Partners who we have long admired for their unwavering commitment to serving as a fiduciary to client families,” Thomas Carroll, president and CEO of Homrich Berg, said in a statement. “This collaboration will complement and enhance our service offering, allowing us to even better serve clients with complex planning and investment needs.”
WMS co-founder and senior advisor Martin Eby noted that the partnership supports the firm's long-term mission. “By joining HB, we will fulfill that promise and benefit from a platform and leadership team that shares our unwavering commitment to always putting clients first,” he said.
The acquisition will bring Homrich Berg’s total assets under management to over $24 billion, while expanding its geographic reach to five states with 10 offices and more than 300 employees. The transaction also marks a milestone in the firm's growth strategy, following a strategic minority investment from TPG Growth in September and the opening of a Tampa office in October.
WMS CEO Todd Wickwire expressed confidence in the transition, citing strong organizational alignment. “We feel very fortunate to have found a firm with shared values and a vision of serving clients as fiduciaries,” he said.
All 21 WMS shareholders are expected to become equity holders in Homrich Berg, increasing its total shareholder count to over 70.
“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.
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