M&A
CI Financial Corp
The Canadian firm has agreed to acquire a majority stake in One Capital, a registered investment adviser (RIA) based in California.
The deal is part of CI’s strategy to build a US presence.
The transaction is expected to close in the first quarter of 2020.
The financial terms of the acquisition were not disclosed.
Mercer Global Advisors
The RIA has acquired Michigan-based wealth manager SD Financial Pathways.
Steven Deceuninck, SD Financial Pathway’s president and sole managing member, will join the Mercer Advisors’ team.
SD Financial will be working with Mercer Advisors’ existing office in Detroit.
The financial terms of the deal were not disclosed.
People moves
Hamilton Lane
The investment management firm has named Atul Varma as chief financial officer and treasurer.
Varma was most recently head of business strategy and chief financial officer of wealth management at BNY Mellon.
He will succeed Randy Stilman, who will be retiring from the role after 22 years.
Stilman will remain at Hamilton Lane into 2020 to help ensure a smooth transition of his responsibilities.
Raymond James & Associates (RJA)
The firm has hired financial adviser Kenneth Haycraft in Scottsdale, Arizona.
Haycraft joins from USAA Financial Advisors, where he was senior wealth manager.
He has been in the financial services industry for more than 27 years, beginning his career as a financial adviser with Charles Schwab.
Elsewhere, RJA has hired financial advisers Bevin Hartnett and Joseph Restivo in Houston, Texas.
The team operates as Pinebrook Wealth Strategies and joins from Waddell & Reed.
Joining them at Raymond James is Amanda Loredo, branch administrative assistant.
Lastly, the firm has hired Richard Kelton, Ryan Kelton and Sean Kelton to join its offices in Latham, New York.
The father-and-sons trio operate as the Kelton Financial Group (KFG) and join from Northwestern Mutual, where they previously managed more than $600m (£459m, €537m) in client assets.
Joining the Keltons at Raymond James are eight team members:
- Lauri Spargo, chief operating officer;
- Lori Kelton, chief financial officer and senior branch associate;
- Salvatore Schittino, director of wealth services;
- Kaitlin Coughlin, director of insurance operations and services;
- Christopher Shaver, director of planning;
- Vincent Kisel, senior wealth services associate and client relationship manager;
- Josh Alexander, portfolio research associate; and
- Ann Wilson, marketing and client relations manager.
