People moves
Allspring Global Investments
The independent asset manager has hired John Moninger as head of US distribution.
He joins from Eaton Vance, a part of Morgan Stanley Investment Management, where he was managing director of intermediary sales since 2012.
Morgan Stanley Investment Management
The investment firm has created a US wealth leadership group.
As part of this leadership group, AJ Leimenstoll and David Michaud will serve as co-heads of North America intermediary sales.
Rockefeller Capital Management
The financial services firm has named Eric Heaton as managing director and head of strategy.
Before joining Rockefeller Capital Management, Heaton served for 10 years as president of US banks at Morgan Stanley.
JP Morgan
Paul Halpern has joined as chief marketing officer for its US wealth management operation.
He previously worked at Merrill Lynch, where he led marketing for affluent and mass affluent segments, and E Trade.
UBS Wealth Management
The global wealth firm has hired a firm for the greater Los Angeles market. The $368m team is led by financial advisers Carl Ceder and Rachel Cain, based in Sherman Oaks and Westlake Village, California, respectively.
This comes after UBS announced that a $500m (£439m, €500m) team led by financial advisers Roshan Ghaznavi and Matthew Seukunian joined the firm in Sherman Oaks, California.
Both teams joined from Merrill Lynch.
RBC Wealth Management
The wealth manager has hired the Clemens McHugh Financial Consulting Group from Wells Fargo.
The Clemens McHugh Financial Consulting Group is composed of:
- Cynthia McHugh, senior vice president and financial adviser;
- Matthew Clemens, senior vice president and financial adviser;
- Joseph Hudak, first vice president and financial adviser;
- J Barry Clemens, associate vice president – senior financial associate; and
- Diane Szabo, senior investment associate.
Glenmede
The investment and wealth management firm has named Bridgette Becker as relationship manager, wealth advisory.
Prior to joining Glenmede, Becker served as an attorney at Baker Donelson, where she advised clients on trust and estate plans, estate administration and potential estate and fiduciary litigation matters.
MAI Capital Management
The registered investment adviser (RIA) firm has appointed Justin Bass as managing director in the MAI sports and entertainment division.
Bass has over 25 years of experience in the financial services industry and family office-related services.
M&A
Mercer Global Advisors
The RIA firm has bought Colorado-based Jordan Financial Strategies for an undisclosed sum.
Jordan, which was founded by Kristy Jordan in 1998, has around $120m (£104.6m, €120m) in assets under management.
UBS
The global wealth manager has pulled out of a proposed merger with Wealthfront, initially announced on 26 January 2022.
UBS will purchase a $69.7m note convertible into Wealthfront shares.
The global wealth manager said that it “remains committed to its growth plans in the US and will continue the build-out of its digital wealth management offering”.
Perigon Wealth Management
The independent wealth management firm has merged New York-based PM Wealth Management.
Following the merger, Perigon Wealth Management will have over 50 financial advisers and over $4.3bn in assets under management.
Previously, PM Wealth was part of Prager Metis, an accounting and advisory firm affiliated with Prager Metis International.
The transaction, expected to close in November, merges PM Wealth Management with Perigon’s US team, with PM Wealth continuing to operate under its own brand, and the firm’s leaders joining the senior executive team of Perigon.
As part of this merger, Perigon has formed a strategic alliance with Prager Metis. Perigon will serve as the preferred wealth management solution for Prager Metis tax clients. Prager Metis will become one of the preferred tax firms Perigon utilizes to deliver tax services to its existing, and future, clients.
The financial terms of the transaction were not disclosed.
Focus Financial Partners
The wealth management firm has acquired RIA firm Beaumont Financial Partners for an undisclosed sum.
The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions.
Beaumont provides wealth management services to high net worth individuals and families. Beaumont will continue to be led by Tom Cahill and Larry Fiore as managing partners, Phil Dubuque as chief investment officer, and the rest of the leadership team.
Wealth Enhancement Group
The independent wealth management firm has bought Massachusetts-based Pinnacle Private Wealth for an undisclosed sum.
Pinnacle Private Wealth’s team of eight advisers and two support staff members oversee more than $663m in client assets and is led by Myles Dudley and Daniel Cotton, who each have over 20 years of industry experience.
Founded in 2009, Pinnacle Private Wealth serves both pre-retired and retired emerging high net worth individuals and business owners.
Also, the wealth management firm has bought Wisconsin-based RIA company Sadoff Investment Management for an undisclosed sum.
Family members Ronald, Bryan, and Michael Sadoff—and their three support staff members oversee $1.6bn in assets for clients.
This is Wealth Enhancement Group’s ninth acquisition of the year.
