M&A
Captrust Financial Advisors
The advice firm has acquired Frontier Wealth Management for an undisclosed sum.
Headquartered in Kansas City, Frontier has additional locations in St Louis, Missouri; Wichita, Kansas; Omaha, Nebraska; and Denver, Colorado.
Frontier offers a full range of financial planning, investment, insurance, and other wealth management solutions to individuals, families, executives, and professionals, as well as advisory services to corporate retirement plans.
Frontier is led by partner and chief executive Nick Blasi.
The firm adds more than $4bn (£3.29bn, €3.92bn) in client assets, five locations, and 46 new colleagues to Captrust.
This deal marks the first for Captrust to close in 2022 and the 57th firm overall to join since 2006. Consistent with previous firms, Frontier will transition to the Captrust brand.
FL Putnam Investment Management
The firm has acquired registered investment adviser (RIA) firm Salem Capital Management for an undisclosed sum.
Based in Woburn, Massachusetts, Salem Capital was co-founded by Hal Rubin.
Following the acquisition, Rubin and president Kim Ratcliffe join the firm as investment advisers, and will be based in Lynnfield.
This is FL Putnam’s third acquisition in three years.
Kudu Investment Management
The asset and wealth management investor has acquired a passive minority stake in GenTrust, an employee-owned RIA firm.
The financial terms were not disclosed.
Founded in 2011, GenTrust and its affiliates manage approximately $3bn, providing customised investment and wealth advisory solutions to a global client base of ultra-high net worth families, institutions, and other registered investment advisers.
The firm has 33 employees and offices in Miami, New York, and San Juan.
People moves
Carson Group
The financial services firm has named Ryan Detrick as chief market strategist.
Detrick joins Carson Group after more than six years at LPL Financial, most recently serving as chief market strategist.
BNY Mellon Wealth Management
Laura LaRosa has been named as mid-Atlantic regional president at the wealth manager.
Prior to joining BNY Mellon Wealth Management, LaRosa was at Glenmede.
Hightower
The wealth firm has named Robert Picard to a newly created executive role of managing director of head of alternative investments.
Picard was previously at First Republic, where he was managing director and head of alternative investments.
Raymond James
Financial adviser Glenn Israel has joined the wealth firm.
Israel previously managed approximately $213m in client assets at Edward Jones.
He operates as GFI Wealth Partners and provides wealth management plans and services to a wide range of clients including business owners, retirees, women investors and healthcare professionals.
Summit Financial Wealth Advisors
The independent wealth advisory firm has hired two professionals to its Lafayette office.
Chris Breaux joins as an investment adviser representative, and Kim Landry as a client service representative.
