The post-Labor Day frenzy in RIA M&A showed no signs of slowing this week, including the second significant transaction from CI Financial subsidiary Corient in just a few days.
On Thursday, Corient announced its acquisition of Boston-based Breed’s Hill Capital just days after unveiling a trans-Atlantic mega-merger that will significantly expand its global footprint.
The deal with Breed’s Hill Capital, a firm overseeing $3.5 billion in assets for ultra-high-net-worth families, marks Corient’s latest move to deepen its presence in the New England market.
The acquisition comes on the heels of Corient’s mega-merger deal with Stonehage Fleming and Stanhope Capital Group – two major European wealth managers – which is expected to bring Corient’s total client assets to more than $430 billion.
Founded in 2013 by John J. Edwards, Breed’s Hill Capital has established a reputation for investment advisory and financial planning services to wealthy families, entrepreneurs, and executives. The multi-family office will join Corient’s national platform, which now includes more than 260 partners managing approximately $216 billion in assets across the US.
Kurt MacAlpine, partner and CEO of Corient, highlighted Breed's Hill Capital's "extensive experience in managing the complexities of very wealthy clients and their relentless commitment to excellence."
Meanwhile, New England Private Wealth Advisors announced Thursday that it has acquired DHK Financial Advisors, a Portsmouth, New Hampshire-based firm with $1.6 billion in assets.
NEPWA's acquisition of DHK, which has been operating as an OCIO to charitable organizations, associations, and other institutional investors since 1993, will result in a new combined firm managing nearly $5 billion.
NEPWA chief executive Ira Rapaport said the move will “further our growth trajectory and continue to provide our clients with comprehensive wealth planning services,” while allowing the firm to retain its brand and culture.
The deal comes after NEPWA itself was acquired in April by Aspen Standard Wealth, which made its dealmaking debut last November with its acquisition of Summitry in San Francisco. More recently last month, Aspen extended its footprint in the Northeast as it snapped up MG Financial in Boston.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
