M&A
Wells Fargo
The financial services firm has entered into an agreement to sell Wells Fargo Asset Management (WFAM) to GTCR and Reverence Capital Partners.
This sale includes Wells Fargo Bank’s business of acting as trustee to its collective investment trusts and all related WFAM legal entities.
Under the terms of the agreement, the purchase price is $2.1bn (£1.51bn, €1.73bn). The transaction is expected to close in the second half of 2021, subject to customary closing conditions.
As part of the transaction, Wells Fargo will own a 9.9% equity interest and continue to serve as a client and distribution partner.
Upon closing of the transaction, the independent company will be rebranded.
Nico Marais, WFAM’s chief executive since June 2019, will remain in his role. He and his leadership team will continue to oversee the business.
Joseph Sullivan, former chairman and chief executive of Legg Mason, will be appointed as executive chairman of the board of the new company following the closing of the transaction.
Professional Wealth Advisors
The independent wealth management firm has merged with HighPoint Planning Partners, the independent registered investment adviser (RIA) firm.
Together, they will manage over $8.5bn in total client assets and support more than 200 financial advisers.
The financial terms of the deal were not disclosed.
Focus Financial Partners
The wealth management partnership firm has announced that RIA firm Matheys Lane Capital Management will join Focus partner firm SCS Capital Management.
The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions.
The financial terms of the deal were not disclosed.
Founder Heather Crosby, together with chief investment officer Michael Sweeny, will join SCS as managing directors.
People moves
Hightower
The wealth manager has named Lisa Dolly, former Pershing chief executive, and Darrell Horn, chief executive of Green Square Wealth Management, to its board.
Bob Oros, Hightower’s chief executive and board member, will take on the additional role of chairman.
UBS Wealth Management USA
Julene Richards has been appointed assistant market head of south Florida at the wealth giant.
She previously served as the south Florida market supervisory officer at UBS.
Octavia Wealth Advisors
The RIA firm has named Cristina Campabadal as director of business development and wealth adviser.
She will spearhead its continued growth in Latin America and Spain.
Campabadal spent a decade in international private banking before starting her own international financial services company.
Sanctuary Wealth
The firm has hired Noble Wealth Partners, the father and son team of Philip Noble and Michael Noble.
Together they bring more than 40 years of experience and $235m in assets under management to the Sanctuary Wealth network.
Rockefeller Capital Management
The financial services company has hired the Richeda and Farr Group to its operation in Denver, Colorado.
The Richeda and Farr Group is led by Matthew Richeda, managing director and private wealth adviser, and Christopher Farr, first vice president and private wealth adviser, and also includes Christopher Nazzaro, associate vice president and senior client associate and Anna Miller, client associate.
The team joins from Merrill Lynch Wealth Management.
Wealth Enhancement Group
The independent wealth management firm has hired Kunal Kapoor to its board of directors.
He is the chief executive of investment research giant Morningstar.
Northern Trust
The financial services firm has made a number of changes to its wealth arm.
Pam Lucina, chief fiduciary officer, trust and advisory practice executive and president of The Northern Trust Institute, and Glenda Pedroso, banking practice executive, will move from National Services to report directly to Northern Trust Wealth Management president Steven Fradkin.
They will join the wealth management executive committee.
Stephanie Goforth has been promoted to executive vice president and global head of sales and marketing, also reporting to Fradkin and joining the wealth management executive committee.
Lucino Sotelo has been named chief digital officer for Northern Trust Wealth Management.
Jill Carlberg, who heads the product management, service excellence and business services group, will retire after a 34-year career spanning multiple business units with the firm.
John Fumagalli will transition from his responsibilities as president of Northern Trust’s business in Florida and assume the role of president of the central region, effective 1 March.
Mac MacLellan, current president of the central region, will retire after 13 years with Northern Trust.
Charlie Mueller, president of west Florida, will also retire effective 1 March capping a 32-year career across multiple roles and geographies with the firm.
Round Table Wealth Management
The global wealth and investment management firm has hired Rich Policastro as president.
Policastro has over 30 years of experience and relationships in the financial services industry.
Gratus Capital
The Atlanta-based wealth management firm has named Cameron Starr as wealth adviser.
After starting his financial services career in securities at JP Morgan, Starr spent the last five years at Truist, formerly SunTrust.
Raymond James
The financial services firm has hired a team of eight financial advisors with offices in Parkersburg, West Virginia, and Marietta and Athens, Ohio.
The advisers join Raymond James from Wells Fargo Advisors Financial Network, where they collectively managed $1.06bn in client assets.
Elsewhere, Raymond James recently appointed Doug Brigman as president of Raymond James Insurance Group (RJIG).
Brigman succeeds Scott Stolz, who retired from Raymond James in December 2020.
Prior to Brigman’s move, he served in several leadership positions at Raymond James for the last 12 years, most recently as Tampa Bay complex manager.
