Results for "mergers & acquisitions"

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USAA retreats from asset management business with $850 million sale to Victory Capital

November 8, 2018

After several years of celebrated efforts to expand the distribution of its investment products beyond its loyal membership base of veterans and active-duty military members, USAA has found a solution in selling the $69.2 billion asset management...

Citizens Financial acquires $7.5 billion Clarfeld Financial

November 6, 2018

Citizens Financial Group Inc. is expanding its wealth management business with the acquisition of Clarfeld Financial Advisors, a New York firm with approximately $7.5 billion in total client assets under management and administration. Robert...

Chief operating officers lift advisory firms to the next level

November 2, 2018

If you're not sure whether your advisory firm is ready to hire a chief operating officer, it probably is. While COOs are often dismissed as simply an added expense, adding one can be a key ingredient in helping a firm grow to the next level,...

UBS looks for asset management deals, joint ventures

October 30, 2018

UBS Group is weighing acquisitions and joint ventures for its asset management business to help it compete with larger rivals, people with knowledge of the matter said. Targets may include U.K. and U.S. asset managers focused on retail clients...

Wealth Enhancement Group buys second Philly-area RIA in as many months

October 23, 2018

The buying spree continues at Wealth Enhancement Group as the $9.7 billion Minneapolis-based hybrid firm agreed to acquire its ninth independent advisory firm in the past five years. The most recent deal, announced Tuesday, involves GDM Advisory...

RIA firm valuations climbing, but not yet back to 2008 levels

October 22, 2018

A dearth of formal succession plans combined with record-level equity markets continues to drive consolidation among registered investment advisers. An analysis by DeVoe & Co. of third-quarter acquisition activity shows RIAs are being purchased...

Invesco to buy OppenheimerFunds

October 18, 2018

Invesco Ltd. is betting $5.7 billion that active management has a bright future. It agreed to pay about that amount in a deal with Massachusetts Mutual Life Insurance Co. to acquire its OppenheimerFunds, which specializes in picking stocks and...

LPL and Independent Financial Partners lose $10 billion retirement group

October 18, 2018

Retirement Benefits Group, a multibillion dollar advisory group focused on defined-contribution plans, is leaving LPL Financial and Independent Financial Partners early next year, according to a source familiar with the plans. RBG — which...

Captrust acquires $1.4 billion wealth shop

October 16, 2018

Captrust Financial Advisors has acquired FCE Group, a $1.4 billion advisory firm based in Lake Success, N.Y., building on its multiyear strategy to expand revenues from wealth management operations. FCE Group, whose legal name is First Capital...

Allianz dumps its IBD

October 11, 2018

Another life insurance company is dumping its independent broker-dealer, with Allianz Life Insurance Co. of North America saying on Thursday it was leaving the retail broker-dealer and RIA businesses. Advisers with Allianz's Questar Capital...

Investment firm co-founded by Al Gore involved in $2.2M fintech deal

October 9, 2018

Al Gore's Generation Investment Management and Canadian pension fund Caisse de Depot et Placement du Quebec teamed up to acquire control of wealth-management services provider FNZ in one of the year's largest fintech deals. The acquisition of...

9 predictions for financial advisers for 2019

October 9, 2018

As we roll into the final quarter of the year, David Canter, head of the RIA segment at Fidelity Clearing & Custody Solutions, has been speculating on what financial advisers might expect in 2019. From the future of mega advisory firms to technology...

JB Investment Management joins RMB Capital

October 3, 2018

JB Investment Management has merged with RMB Capital of Chicago. JB Investment Management, which has $550 million in client assets and focuses on fixed-income strategies, will continue to operate out of its Brookfield, Wisc., office, but the...

Stifel subsidiary acquires $1.3 billion San Francisco-based RIA

October 2, 2018

1919 Investment Counsel, a subsidiary of Stifel Financial Corp., has acquired San Francisco-based independent registered investment adviser Rand & Associates, which manages approximately $1.3 billion in client assets. "The Rand acquisition gives...

Focus Financial acquires TAMP for $235 million

September 28, 2018

Focus Financial Partners Inc. is acquiring Loring Ward Holdings for $235 million in cash and stock, in a bid to scale its outsourced services for independent advisers. Loring Ward, which offers a turnkey asset management program, manages $17...

Private Ocean grows to $2.2 billion with acquisition of Mosaic Financial

September 24, 2018

Private Ocean is continuing its expansion in the San Francisco area with the acquisition of Mosaic Financial Partners. The addition of the $620 million advisory firm gives Private Ocean a presence in San Francisco and the North Bay and East...

Western & Southern buys Gerber Life Insurance in $1.55 billion deal

September 18, 2018

Western & Southern Financial Group has bought Gerber Life Insurance Co., a subsidiary of Nestlé, in a deal valued at $1.55 billion. Gerber Life, a direct-to-consumer life insurer, has $52 billion of life insurance in force and covers 3.6 million...

Captrust, prominent 401(k) advice firm, ramps up its wealth management business

September 17, 2018

Captrust Financial Advisors is a powerhouse in the realm of retirement plan advisers. However, the firm, which has $278 billion in client assets under advisement, is shifting to retail rather than institutional clients to drive its next phase...

Better together? Why not all advisory teams are meant to go independent

September 17, 2018

For advisers who yearn for independence, going independent on their own can seem like the perfect solution. Advisers are attracted by the flexibility of the registered investment adviser model and the ability to serve their clients in a conflict-free...

Larry Roth links consulting firm with Berkshire Global Advisors

September 12, 2018

Larry Roth, the former CEO of Cetera Financial Group and AIG Advisor Group who is now an industry consultant, has formed an alliance with middle-market investment bank Berkshire Global Advisors to help facilitate acquisition activity within...

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