The Week in Wealth Management M&A Deals

#Lifestyle Wealth

May concludes with 15 transactions in the registered investment advisor space, according to DeVoe & Company. 

Within the last week of May, Dynasty Financial Partners announced that its two independent firms, Procyon Partners and Pivotal Planning, have merged to create a firm with $4.5 billion in assets under management.

LPL Financial recruited Craig Zaleck and Mark Hogan, who managed $275 million, from First Allied. And Dynasty helped a brother-sister team that managed $1 billion in AUM at J.P. Morgan launch their RIA.

And finally, international bank HSBC said it was exiting the U.S. banking space; Citizens Bank, which is acquiring 80 of HSBC’s bank branches, said it would accelerate its wealth management strategy with the new locations with plans to hire 30 to 40 financial advisors.

Below are more mergers, acquisitions and advisor moves you may have missed the week of May 24, 2021.

Mercer Advisors Acquires ET George

Mercer Global Advisors acquired the Starkville, Miss.-based ET George Investment Management. The firm manages $170 million in client assets across 155 clients and was founded by Ernie George in 1974.  

Lido Advisors Sells Minority Stake to Charlesbank Capital Partners

The Los Angeles-based RIA managing $9 billion in AUM took a private equity investment from Charlesbank Capital Partners. The transaction is expected to close in the second quarter of 2021.

Kestra Adds Bull and Bear Wealth Management

Kestra Private Wealth Services, subsidiary of Kestra Financial, added Bull and Bear Wealth Management in Peoria, Ariz. to its network of independent firms. Bull and Bear is led by Ted Horowitz and Ben Belanger and manages $112 million in client assets. The team was recruited from Ameriprise Financial.

Wilde Wealth Management Adds Muhlenfeld & Huish

Muhlenfeld & Huish, managing $140 million in AUM, joined Cetera Advisors-affiliate Wilde Wealth Management. Muhlenfeld & Huish is based in Scottsdale, Ariz. 


Advisor Tom Chaney Joins Carson Wealth

Southwest Advisor Tom Chaney joined Carson Wealth from LPL. His team is located in Las Cruces, N.M. and El Paso, Tex. and manages $50 million in AUM.

LPL Financial Adds Ocean City Financial Group

Ocean City Financial Group in Ocean City, N.J. joined LPL Financial. The team, led by Mark Reimet, moved from MML Investors.

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