PE-backed Arax Investment Partners and independent, employee-owned First Manhattan announced significant moves on Tuesday, with Arax extending its Midwestern reach with a $1 billion AUM firm in Ohio.
Arax Investment Partners, which is backed by RedBird Capital Partners, has announced the acquisition of Summit Wealth Strategies, a Chesterfield, Missouri-based RIA with $1 billion in assets under management.
The move marks another step in Arax’s strategy to broaden its reach in the Midwest and strengthen its advisory platform for high-net-worth clients, families, and institutions .
Summit Wealth Strategies, founded in 2016, is known for its personalized, multigenerational financial planning and a relationship-driven approach.
The firm will now operate under Arax Advisory Partners, a privately owned, independent RIA, joining a network of firms focused on sophisticated planning and investment advice.
Michael Ott, Brent Spicuzza, and Pete Donovan, managing partners at Summit, said in a statement that the team is “excited to join Arax, not only as advisors focused on expanding our business but as partners committed to elevating the experience we deliver to our clients.” They added that Arax’s backing will allow Summit to scale its mission and expand its capabilities.
Haig Ariyan, chief executive of Arax Investment Partners, described Summit as a natural fit for the firm’s model, citing its “culture of integrity, professionalism and growth.”
Ariyan said the acquisition supports Arax’s goal of building a platform for entrepreneurial advisors with a strong commitment to client outcomes.
This deal follows Arax’s recent acquisition of Schechter Investment Advisors in June, which also focused on expanding the firm’s Midwestern presence. Earlier in the summer, Arax’s Ashton Thomas Private Wealth was recognized for its leadership in diversity, equity, and inclusion by InvestmentNews .
Meanwhile, First Manhattan, an independently owned investment advisory firm with more than $34 billion in assets under management, has welcomed Roanoke Asset Management to its platform.
Roanoke, based in New Jersey, manages over $350 million in assets and brings a four-decade track record of disciplined portfolio management and client service .
Edwin Vroom and Adele Weisman, who have led Roanoke for decades, will join First Manhattan as senior managing directors and portfolio managers.
Vroom, who founded Roanoke in 1978, described the move as “a continuation of what we’ve always believed in: putting clients first and maintaining a disciplined, long-term view.”
Weisman noted that First Manhattan “not only shares that philosophy but also brings the people and culture to support it across generations.”
The Roanoke team will continue its investment approach, now supported by First Manhattan’s research and operational scale.
The addition comes after First Manhattan’s recent integration of Grand-Jean Capital Management, an RIA with over $500 million in assets under management.
Earlier this year, the firm also launched the FM Compounders Equity ETF, reflecting its ongoing efforts to diversify offerings and expand its platform for clients .
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