Creative Planning has signed an agreement to acquire a United Kingdom-based financial advisory firm with $4.8 billion in assets under management, according to sources with knowledge of the deal.
Maseco Private Wealth, based in London, has clients in the U.K. and U.S., and specializes in working with expatriates from both countries. The U.K. firm worked with investment bank Houlihan Lokey on the sale process among U.S.-based RIAs. A handful showed interest, with Creative Planning ultimately signing a purchase agreement, according to sources.
Neither Creative Planning nor Maseco responded to a request for comment. Houlihan Lokey declined to comment.
If an acquisition goes ahead, it will give Creative Planning a footprint in the U.K. market with a firm that also has experience in the wealth sector in the U.S. The Overland Park, Kan.-based Creative Planning has an international division that serves U.S. citizens living abroad in over 90 countries.
Maseco Private Wealth was founded in 2008 by Josh Matthews and James Sellon, who left roles in the private client division of Citi Salomon Smith Barney, according to Matthews’ LinkedIn profile. The firm works with “affluent global and American families living” in the U.K., U.S. and other countries, with their cross-border financial needs.”
In 2013, the duo lobbied the Financial Conduct Authority, the U.K.’s financial regulatory body, to allow U.S. families to continue investing in U.S. mutual funds while living in the country, according to the firm’s website.
U.S.-based RIAs owning financial advisory firms abroad is still relatively rare. In September, Miami-based Corient, the RIA arm of Toronto-based CI Financial, announced it had agreed to acquire Stonehage Fleming, a multi-family office based in Jersey, U.K., with some $175 billion in assets, and Stanhope Capital Group, a London-based wealth manager with $40 billion in client assets. Focus Financial Partners acquired an Australian firm in 2019, which is now integrated into the U.S.-based company’s Focus Partners Australia.
Creative Planning made one of the biggest deal announcements of the year when it agreed to purchase SageView Advisory Group, a retirement plan-focused RIA with $250 billion in client assets.
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