Savant Wealth Management, a Rockford, Illinois-based registered investment adviser that oversees almost $12 billion in assets, said a private investment firm, Kelso & Co., has taken a minority stake in Savant that will give the firm capital to bolster its acquisitions and organic growth strategy.
Two Kelso partners, Chris Collins and Steve Dutton, will join Savant’s board, but the firm’s current management team will remain in place, with CEO Brent Brodeski retaining full control.
All current stakeholders in Savant, including founding employees, board members, family offices and other outside stakeholders who invested in Savant in 2016, retain their investments, and 16 more employees have become investors in the firm.
"As we looked to build on our momentum and enter our next phase of growth, we sought a partner who not only could provide a strategic capital infusion, but whose approach, values and interests were a strong match,” Brodeski said.
[Recommended video: Building digital experiences for clients]
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
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
