M&A
Cresset Asset Management
The wealth firm has agreed to merge with Meristem Family Wealth creating a multi-family office.
It will have more than $27bn (£21.4bn, €25.2bn) in assets under management serving clients from offices in 15 markets around the country.
The merger is expected to be complete within a month, pending regulatory approval.
Meristem is an independent wealth management firm with $5.4bn AuM. Founded in 1999, Meristem has offices in Minnesota, Florida, Arizona; and South Dakota.
Meristem’s subsidiary, Meristem Trust Company (MTC), based in South Dakota, will also be merging with Cresset.
All 42 of Meristem’s team members are joining Cresset as part of the merger.
Meristem’s clients will continue to work with the same team of advisers and support professionals.
ICapital
The global fintech platform has agreed to buy Simon Markets for an undisclosed sum.
Simon Markets offers a digital platform designed to help financial advisers understand and manage structured investments, annuities, and other risk-managed products.
Under the agreement, Jason Broder, chief executive of Simon, will join iCapital as managing director, head of iCapital solutions and member of the operating committee.
Additionally, iCapital will extend offers of employment to the nearly 200 Simon team members.
The transaction is expected to close in the second half of 2022.
MassMutual
The life insurance group has become an equity investor in the asset and wealth manager investor Kudu Investment Management.
The financial terms of the deal were not disclosed.
MassMutual joins White Mountains Insurance Group as an equity investor.
Since 2018, New York-based Kudu has acquired minority stakes in 17 asset and wealth managers headquartered in the US, Canada, UK and Australia.
Ty J Young Wealth Management
The firm has acquired Chicago-based PA Berg Retirement Solutions for an undisclosed sum.
It is the 21st acquisition that Ty J Young Wealth Management has made in the past four years.
People moves
Boston Mutual Life Insurance Company
The insurer has named David Martin as vice president and chief information officer.
Martin most recently served as a senior management consultant for Trility Consulting.
BNY Mellon Wealth Management
The wealth manager has expanded its team in the New York Tri-State region with four additions including Wing Wilson as regional fiduciary manager, Leighton Cameron as senior wealth manager, Marcy Morgan as principal, private banking and Scott Rickman as client strategist.
Wilson, Cameron and Morgan are based in New York City, and Rickman is based in Greenwich, Connecticut.
Wilson returns to BNY Mellon Wealth Management from Citi, where she served as senior vice president, trust officer. Cameron joins BNY Mellon Wealth Management from TIAA, where he was a senior portfolio manager.
Marcy joins BNY Mellon Wealth Management from First Republic Bank, where she was a managing director. Rickman joins BNY Mellon Wealth Management from JPMorgan Chase Bank, where he served as a private client adviser.
Bryn Mawr Trust
The WSFS Financial Corporation subsidiary has named James Hutchinson as senior vice president and wealth director.
Hutchinson most recently served as senior vice president and market executive in Delaware for PNC Private Bank.
Raymond James
Financial advisers Steve Harman, Mark DeGon and Jake Phillips have joined the firm in Spokane, Washington.
The advisers join from Merrill Lynch. Together, they operate as Panorama Wealth Management of Raymond James and work alongside client service associates Jennifer Jones and Kaitlyn Harman.
In other news, financial adviser Kevin Cooper has also joined the firm.
Based out of Boca Raton, Cooper heads Cooper Family Office Consulting of Raymond James, which specialises in intergenerational wealth management.
He previously worked for Morgan Stanley and is joined by senior registered client service associate Jean Panarello.
Rockefeller Capital Management
The financial advisory firm has hired The Puget Sound Group based in Olympia, Washington.
The team of five includes:
- Nick Paget, managing director and private wealth adviser;
- Nicole Schafer, senior vice president and private wealth adviser;
- Forrest St John Kim, vice president and private wealth adviser;
- Karen Henderson, assistant vice president and team operations manager; and
- Tor Fanning, assistant vice president and financial planning analyst.
