Registered investment adviser Summit Financial Holdings said on Monday it intended to acquire $5.1 billion in wealth management assets from a private bank, Fieldpoint Private.
Once the deal closes, Summit Financial will manage about $12 billion in client assets, according to a statement from the companies. Fieldpoint Private will remain a private bank, and, as part of the new transaction, will offer its banking capabilities through the Summit adviser platform.
Merchant Investment Management, an investor in Summit Financial since 2018, will also participating in the acquisition of Fieldpoint Private's wealth management assets. Terms of the deal were not disclosed.
“It is clear that private banking has become more integral to the overall wealth offering," Mark Spilker, executive chairman of Merchant, said in a statement. "Deposits, credit and trust services are all key components of a family’s financial plan and experience. Now with Fieldpoint as a partner, Summit is well positioned to deliver on this promise."
It was the second sizable deal to be announced on Monday; two West Coast registered investment advisers, Laird Norton Wealth Management and Wetherby Asset Management, said earlier that they had merged, creating a new firm with $15 billion in client assets.
RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.
Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.
The giant alt investments platform's latest financing led by T. Rowe Price and SurgoCap Partners, along with State Street, UBS, and BNY, will fuel additional growth on multiple fronts.
Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.
New report shines a light on how Americans view wealth today.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
