Reuters-ON THE MOVE – On Monday, Lebenthal Asset Management announced it acquired Aurora Investment Counsel, an Atlanta-based equity manager run by independent adviser David Yucius which oversees $250 million in client assets for foundations, endowments and corporations.ore…
Moves in the News
While not all moves we have helped facilitate are mentioned in the media, here are some moves by financial advisors that did receive recognition. Or browse an at-a-glance sample of representative deals…
Financial Advisor Magazine – Raymond James Private Client Group has recruited veteran financial advisor Barry Stern in Westlake Village, Calif. Stern comes to Raymond James from UBS Financial Services, where he managed more than $107 million in client assets and had annual fees and commissions of about $1.1 million. Joining him is Kathleen Loretto, serving as client relationship manager. They operate as Ocean West Wealth Strategies Inc.
By Diana Britton, WealthManagement.com – New York-based Cantor Fitzgerald Wealth Partners has acquired Capital Planning Advisory Group, a Yardley, Pa.-based RIA and the sixth team to join Cantor’s wealth management business since the launch of that division last September. The team manages about $120 million in assets, according to Meridian-IQ. The acquisition brings Cantor Fitzgerald’s wealth management division to just over $3 billion in assets.
By Matthias Rieker, The Wall Street Journal – On a Friday in early May, financial adviser Herman Rij put on his Merrill Lynch tie—pink, with light blue bulls—and went to work at the brokerage’s third-floor office in Bethlehem, Pa. He met with a client who had flown in from Arizona. Then he went in to see his boss—and resigned.
By Corrie Driebusch, The Wall Street Journal – Four teams of brokers managing more than $765 million combined in client assets joined the wealth management arm of Morgan Stanley (MS) on Friday from Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC).
By Brooke Southall, RIABiz – Fusion Family Wealth LLC has a why-didn’t-I-think-of-that strategy for building its business that had one potential weak underpinning, now seemingly corrected. The New York City- and Long Island-based RIA that broke away from UBS on Friday expects to have about $900 million of assets under management when the dust settles after re-materializing as a legally fiduciary advisor.
By Paul Golden, FundFire – Wirehouse advisor mobility will increase significantly in 2014 as retention packages expire and the independent route becomes more attractive, according to a FundFire reader poll and expert interviews.
Raymond James recently recruited Gene Marx, senior vice president, investments, and Catherine Hunter, CERTIFIED FINANCIAL PLANNER™ and financial advisor, in Charlotte, N.C., according to Ed Ferguson, Charlotte branch manager at Raymond James & Associates (RJA) – the traditional employee broker/dealer of Raymond James Financial, Inc. (NYSE-RJF). The team operates as Marx Wealth Management of Raymond James.
Reuters – J.P. Morgan Chase & Co’s wealth management unit said it hired a team of 6 veteran advisers from UBS, Merrill Lynch and Bernstein Global Wealth Management to expand the firm’s presence in Atlanta, New York and Seattle. The advisers together managed about $1.2 billion in client assets at their previous firms.
Raymond James recently recruited the veteran team of Thomas Dedrick, CFP® and Pam Franklin, CRPC® to join the Tuscaloosa, Ala. office of Raymond James & Associates (RJA) ─ the traditional employee broker/dealer of Raymond James Financial, Inc. (NYSE-RJF) ─ according to Tash Elwyn, president of RJA’s Private Client Group. They will do business as the Dedrick-Franklin Group
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