Houston-based U.S. Capital Advisors has acquired Legacy One Financial Advisors, a registered investment adviser based in Austin, Texas, that manages $1.4 billion.
The company will merge Legacy into its wealth management advisory subsidiary, USCA RIA, which manages $4.1 billion. The new entity will be renamed U.S. Capital Wealth Advisors.
The new RIA, an affiliated U.S. Capital Advisors brokerage division and other related entities will manage almost $9 billion.
Terms of the acquisition were not disclosed.
The undoing of the penalty, which has hung over the Wall Street bank for seven years, marks a significant victory for CEO Charlie Scharf.
The big three custodian is unveiling new reporting features, UMA functionalities, and a new advisor growth network, along with other updates at its flagship conference.
Michael Bradley faces allegations of “improper recommendation to clients” who bought GPB securities.
The RIA behemoth overseeing more than half a trillion dollars in client assets is adding to that book with a $1.4 billion firm focused on pro athletes in New York.
With over 600 clients, the $71 billion RIA acquirer's latest partner marks its second transaction in Oklahoma.
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