M&A
Amerilife
The national provider of life, health and retirement solutions has acquired a majority share in life insurance brokerage group Agent Support Group (ASG).
ASG is based in the New York metropolitan area and provides advanced case and underwriting support in personal insurance plans for domestic and foreign national businesses.
Neither the share percentage nor the cost of the deal were disclosed.
MAI Capital Management
The investment advisory company specialising in financial planning for high net worth individuals and families has purchased Rodman Capital Management.
Rodman is also an investment adviser firm, based in Alliance, Ohio.
The terms of the deal were not disclosed.
People Moves
RBC Wealth Management
There has been a raft of hires at the wealth management division of RBC.
In Chicago, former NFL quarterback Caleb Hanie will start his second career as a financial adviser, joining the Palos Heights branch.
While in Northern California, RBC added a second team to its Marin County office due to its rapid growth.
The team is made up of:
- Stuart Reilly, senior vice president and financial adviser, with 33 years of experience,
- Clifton Kelly, vice president and financial adviser, who has worked in the field for over 35 years, and;
- Terri Brown, vice president and financial adviser, who has 26 years’ experience working in the industry.
Raymond James
Financial adviser Steven LeClair has been recruited by Raymond James & Associates in Upper Arlington, Ohio.
He was previously at UBS where he managed over $228m in client assets.
LeClair is joined by senior wealth management associate Lauren Matthiessen and senior marketing associate Jodi McMillan, who together operate LeClair Wealth Management of Raymond James.
Am Trust
Adam Karkowsky has been promoted to president of Am Trust Financial Services.
He will continue to serve as chief financial officer of the firm until his unnamed successor joins the company in Q1 2020.
Karkowsky has been with Am Trust since 2011; initially serving as executive vice president, strategic development and M&A before stepping up to the c-suite in June 2017.
Callahan Financial Planning
Fiduciary and investment advisory business Callahan Financial Planning has opened an office in Mill Valley, California.
It will be made up of four financial planners, a financial analyst and an IRS enrolled agent and other supporting members of staff, all of whom were unnamed.
Product Launches
Fidelity
Investment advisory business Fidelity is going to roll out separately managed accounts (SMA) via Fidelity Advisor.
The initial offerings will be available in early 2020, via five account models.
They are:
- FA International Capital Appreciation SMA, which seeks to invest in a combination of high-quality, cyclical growth stocks and structural, steady growers,
- FA Growth Opportunities SMA, which invests in companies with resilient business models that are inexpensive relative to our expectations of their earnings per share in three to seven years,
- FA Founders SMA, investing in founder-involved companies with strong earnings growth potential that are trading at reasonable prices,
- FA Small Company SMA, that seeks to invest in small cap stocks with superior growth potential and financial characteristics that are trading at attractive valuations, and;
- FA Women’s Leadership SMA, which invests in companies that prioritise and advance women’s leadership/development and have strong competitive moats that can result in durable earnings growth or in companies we believe can benefit from open-ended growth opportunities.
