Spouting Rock Asset Management, a Bryn Mawr, Pennsylvania-based multi-boutique firm managing $356 million, has agreed to acquire Stewart Asset Management, a New York-based firm managing $251 million.
The deal, terms of which were not disclosed, is expected to close by the end of the year.
Founded by Chairman Bill Stewart in 2014 following the acquisition of his W.P. Stewart & Co. by AllianceBernstein, Stewart Asset Management followed the concentrated growth investment strategy of its founder.
Following the acquisition, the existing Stewart investment team, including Bill Stewart, will join Spouting Rock, the firm said in a press release.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
