Vestor Capital, a Chicago-based registered investment advisory firm managing $945 million, has agreed to acquire Oak Asset Management, an RIA managing $209 million in Oak Brook, Illinois. The transaction, the terms of which were not disclosed, is expected to close in the fourth quarter.
Scott Stuth, who co-founded Oak in 2006, will join Vestor. The firm’s two other co-founders will remain with a local accounting firm in which they are partners.
Vestor is a partner firm of Focus Financial Partners, which arranged the transactions.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
