M&A
Sanctuary Wealth
The firm has made its first acquisition with the purchase of Texas-based NorthView Asset Management.
The registered investment adviser (RIA) firm takes Sanctuary Wealth’s assets under management to more than $9bn (£6.9bn, €8.1bn) overall.
Founded in 1998, NorthView Asset Management serves both individuals and institutions.
Its executive team, led by Richard Williams; includes Lynn Skarren, Steven Sutton and Michael Janak.
The financial terms of the deal were not disclosed.
Wealth Enhancement Group
The independent wealth management firm has agreed to acquire New York-based firm RCL Advisors.
The transaction is Wealth Enhancement Group’s 14th acquisition over the past six years and establishes the firm’s second location in Manhattan.
RCL Advisors has 12 employees, including five financial advisers, and focuses on serving high net worth individuals and families, as well as institutions.
Financial terms of the transaction, which is expected to close on 1 January 2020, were not disclosed.
HighTower
The firm has made a strategic investment in Schultz Collins, a $1bn advisory group with offices in San Francisco and Washington, DC.
It serves individuals and families, institutional investors and retirement plan sponsors.
Schultz Collins was founded in 1995 by Dale Schultz, Patrick Collins and Kristor Lawson.
Seven of its 11 employees are advisers.
This is HighTower’s 25th RIA deal since inception and its fourth in 2019.
The financial terms of the deal were not disclosed.
Allworth Financial
The firm, formerly known as Hanson McClain Advisors, has acquired financial planning business RAA.
RAA manages approximately $2.8bn of client assets, increasing Allworth’s total assets under management to more than $7.5bn.
It serves more than 3,200 families and employs approximately 60 individuals across its offices in Dallas, Atlanta, and Seattle.
The financial terms of the deal were not disclosed.
People Moves
RBC Wealth Management
The bank has hired The Santangelo Group to work in its Denver branch.
It is composed of:
- Jay Paul Santangelo, senior vice president – financial adviser, who has 30 years of industry experience;
- Pasha Ghaemi, associate vice president – financial adviser, who has five years of experience;
- Foster Manierre, financial adviser, who has six years of experience; and
- Registered client associate Kali McFarland.
The team manages approximately $246m in assets and joins from Merrill Lynch.
RBC Wealth Management has also named Bill Herf as senior vice president and financial adviser to its Scottsdale, Arizona branch.
Herf joins from Stifel Nicolaus with 22 years of industry experience.
He oversees approximately $230m in assets for 150 families and foundations.
BNY Mellon Wealth Management
Shaun Skeris has been named as a senior client strategist in Newport Beach, California.
He will be responsible for acquiring and advising high net worth and family office clients.
Prior to BNY Mellon, he was a managing director at Umpqua Wealth Advisory.
McLean Asset Management
Jason Rizkallah has joined its financial planning team as a lead adviser.
He was most recently vice president and financial consultant at Charles Schwab.
Farm Bureau Financial Services
The firm has appointed Chris Benda as a wealth management adviser.
Benda previously established the wealth management team at Northwest Wealth Management as the company’s first practicing adviser.
He has over 10 years of financial industry experience.
Evercore Wealth Management
Steven Chung has been named as a managing director and portfolio manager.
He joins Evercore Wealth Management from State Street Global Advisors, where he served as the lead portfolio manager for all tax-exempt municipal bond strategies and co-portfolio manager for all taxable municipal bond strategies.
Steward Partners Global Advisory
The associate firm of Raymond James Financial Services has hired Doug Kentfield as head of wealth management, a newly created position.
Kentfield has more than 30 years of experience in the financial services industry.
Most recently, he was a senior adviser for NextShares.
Raymond James & Associates
The adviser broker/dealer has hired Kevin Bannister, Mark Raney, Nevin Cavanaugh, and Hobie Bannister.
The advisers join RJA in its West Des Moines, Iowa office from RBC Wealth Management, where they previously managed $240m in client assets.
Joining them is Aimee Holmes, senior registered client service associate.
Together, they operate as Bannister, Raney Cavanaugh (BRC) Wealth Group of Raymond James.
RJA has also hired Mike Gapinski, Thom Huggins and David Thompson.
They join its Houston-downtown branch from Morgan Stanley, where they previously managed $357m client assets.
Joining them are Nicole Boniface, business manager, and Natanie Keller, senior registered sales associate.
Together, they operate as Gapinski Huggins Group of Raymond James.
Lastly, the firm has hired financial adviser Ariel Bobroff.
He joins Raymond James from Merrill Lynch, where he helped manage over $600m in client assets.
Bobroff will be based in Beverly Hills, California.
