M&A
Merchant Investment Management
The firm has agreed to make a minority investment in multi-family office Brainvest Wealth Management.
Brainvest offers solutions for private clients from its offices in Geneva, Zurich, Miami, São Paulo, and Rio de Janeiro.
The financial terms of the deal were not disclosed.
Insigneo
The Miami-headquartered wealth manager has agreed to buy Puerto Rico-based broker-dealer Citi International Financial Services (CIFS) and investment advisory firm Citi Asesores de Inversion Uruguay (Citi Asesores).
Citi will maintain all existing bank deposit relationships with wealth clients moving to Insigneo.
In addition, Citi and Insigneo have agreed for Citi to offer banking services to Insigneo’s existing clients. Citi’s presence in Puerto Rico and Uruguay, serving institutional clients, remains unchanged.
The financial terms of the deal were not disclosed.
Hightower
The wealth firm has made a strategic investment in Kansas-based 6 Meridian for an undisclosed sum.
Margaret Dechant, Thomas H. Kirk, Andrew Mies, Bryan Green, Pam Smith and Sarah Hampton founded 6 Meridian in 2015 to deliver wealth management services to corporate executives, entrepreneurs and other high net worth individuals and families.
6 Meridian has 24 employees, including 11 advisers.
CI Financial
The Canadian financial services firm has acquired Columbia Pacific Wealth Management and bought a minority stake in Columbia Pacific Advisors for an undisclosed sum.
CPWM serves high net worth and ultra-high net worth individuals and families and select institutions from offices in Seattle and San Francisco. CPWM is led by managing partners Alex Washburn and Peder Schmitz, president Derek Crump, and Tyler Gaspard.
As part of the transaction, CPWM owners will become equity partners in CI Private Wealth, the private partnership that holds CI’s broader US wealth management business.
CPA provides alternative investment strategies that include real estate private equity, direct lending to real estate, commercial, and industrial businesses, opportunistic and hedged strategies.
Following the completion of the Columbia Pacific transactions, the leadership teams at CPWM and CPA will remain in place.
Prospera Financial Services
The boutique wealth management firm has acquired New Orleans-based Dorsey & Company.
The firm will maintain the Dorsey and Company brand and operate as a Prospera OSJ.
Dorsey & Company was founded in 1959 by George Dorsey, who later handed the reins over to his son, Philip Dorsey.
Raymond Thompson took over as president and chief executive of the firm following Philip Dorsey’s passing in 2019.
Thompson will continue in a leadership role and become branch manager of Prospera OSJ.
Prime Capital Investment Advisors (PCIA)
The firm is merging with California-based firms 20/20 Financial Advisers (20/20) and 20/20 Capital Management.
The transaction is scheduled to close in late December 2021 and will add over 25 professionals, and eight partner-advisers to the PCIA team.
The financial terms of the transactions were not disclosed.
MAI Capital Management (MAI)
The registered investment adviser (RIA) firm has acquired Queens Oak Advisors (QOA) for an undisclosed sum.
Leila Evans will assume the role of regional president of Charlotte and senior managing director, while Deems May will take on the role of director of business development.
Perigon Wealth Management
The wealth management firm has acquired California-based RIA firm Baker & Associates for an undisclosed sum.
Baker & Associates has over $200m (£150m, €176m) in client assets.
Wealth Enhancement Group
The independent wealth management firm has bought hybrid RIA firm The Gensler Group.
Founded in 1995 by Daniel Gensler, The Gensler Group has six team members, including wealth adviser Chaz Fahrner and branch operations supervisor Loretta Perry.
Upon the closing of the transaction on 31 December, Gensler will serve as senior vice president, financial adviser; Fahrner will serve as a financial adviser; and Perry will serve as operations director at Wealth Enhancement Group.
The financial terms of the deal were not disclosed.
People moves
UBS Wealth Management USA
Financial adviser Debbie Chen has joined the firm in Pasadena, California.
Prior to joining UBS, Debbie spent 11 years with HSBC, serving as a senior vice president of global private banking and senior international relationship manager.
UBS Wealth Management USA has also hired financial adviser and portfolio manager Brett Moore in Beverly Hills, California.
He spent the past five years as a portfolio management director at Morgan Stanley.
Northern Trust Wealth Management
John Donahoo has been named as senior managing director of the northeast Florida market.
Prior to joining Northern Trust, Donahoo was a managing director at Wells Fargo in Jacksonville.
Autumn Lane Advisors
The wealth manager has named Scott Wilmoth as a partner and chief investment officer.
Wilmoth was previously at Citadel, where he worked as a portfolio manager and senior analyst.
Carillon Tower Advisers
The asset management firm has promoted Joy Facos to head of sustainable investing and corporate responsibility.
Facos first joined Carillon in August 2020 as head of responsible investing.
BNY Mellon Wealth Management
The wealth manager has named David Heck as senior client strategist.
He joins from WHYY, where he served as the director of philanthropy.
