M&A
CI Financial
The Canadian firm has agreed to acquire a strategic interest in Boston-based Congress Wealth Management.
Congress provides wealth management and family office services to high net worth individuals, families, foundations, and endowments.
The financial terms of the deal, which is expected to close early in the third quarter of 2020, were not disclosed.
The partnership with Congress is the latest step in CI’s initiative to build a growing US wealth management business.
Emigrant Partners
The private equity arm of New York Private Bank & Trust has made a minority investment in Pure Financial Advisors, a California-based registered investment advisory (RIA) firm.
The financial terms of the deal were not disclosed.
Pure has offices in San Diego, Orange County and Los Angeles.
Stratos Wealth Enterprises
The wealth firm has made a strategic investment in San Diego-based Brown Wealth Management (BWM).
BWM, founded by Jeff Brown, has been serving high net worth clients since 1996.
The BWM Team consists of five wealth advisers and four firm operations specialists.
The financial terms of the deal were not disclosed.
People moves
First Republic Investment Management
The wealth manager has hired Steve Condos, Kenneth Morris, Fortune Macri III, and Jared Katzman.
Condos and Morris were each named managing director and wealth manager, while Macri and Katzman were both hired as vice president and wealth manager.
They will be based in New York City and all join from Morgan Stanley Wealth Management.
William Blair
The private wealth management boutique has opened an office in Los Angeles, California with the addition of Walsh, Amar & Associates.
The team joins William Blair from Merrill Private Wealth Management and includes:
- Michael E. Walsh, managing director and wealth adviser;
- David M. Amar, managing director and wealth adviser;
- Ashley McGuinness, business manager; and
- Bailey Harrison, client relationship associate.
The advisers have over 40 years of combined experience.
Raymond James
The broker dealer firm has hired financial advisers David Alford and Claudia Tapara to its Frisco, Texas office.
Alford and Tapara join Raymond James from Merrill Lynch.
The team operates as Alford & Associates Wealth Management Group of Raymond James.
Elsewhere, Tom Galvin has been promoted to southern division director.
Galvin, currently the north Atlantic regional director within the firm’s eastern division, will transition to his new role on 1 October.
He will succeed Dick Ferguson, who after more than 25 years in leadership roles with Raymond James and Morgan Keegan, has decided to return to serving his clients full time as a financial adviser with the firm.
