Investment firm KKR has taken a minority stake in the parent company of Beacon Pointe Advisors, a Newport Beach, California-based registered investment adviser that manages more than $20 billion.
Beacon Pointe's management, led by CEO Shannon Eusey, will continue to own more than 50% of the firm.
Terms of the transaction, which also will result in the exit of investor Abry Partners, were not disclosed.
The investment by KKR will provide Beacon Pointe with capital to support its national expansion efforts through office openings and acquisitions, the company said in a statement. The money also will fund investment in technology, personnel and employees’ professional growth, and the creation of a Beacon Pointe charitable fund.
"With the support of KKR's deep experience and resources, Beacon Pointe will have the opportunity to further invest in the business and continue to expand our footprint across the nation," Eusey said in the statement.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
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.
