By Suzanne Wooley, Advisor Perspectives – Matt Kilgroe and his team have left UBS Group AG, where they managed $1.2 billion in client assets, to start Cyndeo Wealth Partners in his hometown of St. Petersburg, Florida. Kilgroe, 54, spent 21 years at Merrill Lynch before moving to UBS in St. Pete, where he worked for eight years. While Cyndeo has a number of old land-owning Florida families as clients, its seven advisers also work with corporate executives, business owners and professional athletes in about 40 U.S states, he said.
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Louis Diamond Quoted – By Erick Bergquist , WealthManagement.com – Jim Dickson, founder and CEO of Sanctuary Wealth, told WealthManagement.com that his firm will roll out a new financing program for its partner firms to make their own sub-acquisitions, using Sanctuary’s capital. Sanctuary Wealth takes only a minority stake in the sub-acquisition, with the partner firm keeping a majority.
By Suzanne Woolley, Bloomberg – Matt Kilgroe and his team have left UBS Group AG, where they managed $1.2 billion in client assets, to start Cyndeo Wealth Partners in his hometown of St. Petersburg, Florida. Kilgroe, 54, spent 21 years at Merrill Lynch before moving to UBS in St. Pete, where he worked for eight years. While Cyndeo has a number of old land-owning Florida families as clients, its seven advisers also work with corporate executives, business owners and professional athletes in about 40 U.S states, he said.
By Asia Martin, WealthManagement.com – Matt Kilgroe, an advisor to sports and entertainment professionals in St. Petersburg, Fla., has left UBS to start his own registered investment advisory, partnering with Dynasty Financial Partners to do so. He and his 13-member team, which manage $1.2 billion in client assets across approximately 400 households, will now be known as Cyndeo Wealth Partners.
By Jake Martin, Citywire USA – Veteran advisor Matt Kilgroe has defected from UBS to launch Cyndeo Wealth Partners in St. Petersburg, Florida using RIA platform Dynasty Financial Partners, which is headquartered in the same city.
Shirl Penney lands UBS team as Dynasty Financial tower-mate in a sign the breakaway movement remains explosive, despite turning to ‘quiet launches’ during the COVID-19 pandemic
Louis Diamond Quoted – By Brooke Southall, RIABiz – The breakaway movement may have gone underground during the COVID-19 pandemic and subsequent market meltdown, but it never blinked. While wirehouses were getting knocked sideways by the shift to a virtual workplace, RIA custodians and recruiters adjusted their poaching tools on the fly and began shepherding “quiet launches.”
Addepar extends business model from software maker to player in the investments business — a secretive project 10 years in the making
Louis Diamond Quoted – By Oisin Breen, RIABiz – Addepar just reinvented its business model. It’s betting its future on its latest creation, an alternatives assets supermarket where it takes a cut of the action. “[This] tie[s] together viewing, evaluating, transacting in, and monitoring investments across the alternatives landscape … and in a handful of clicks, clients can progress through a singular subscription document … then [pull] all those actions back into the Addepar platform.”
By Vicky Ge Huang and Mason Braswell, AdvisorHub – UBS Wealth Management USA this week lost three multi-million dollar teams, including a trio who left on Friday, who were generating a combined $15 million in production. In Houston, Texas, Rockefeller Capital Management on Friday lassoed a three-broker team led by Shay Scruggs, a 19-year industry veteran, that generated $5 million in revenue, according to a person familiar with the move. The group, which includes junior partners Kevin Wright and Trenton Hollas, who have four and five years of experience respectively, oversaw $500 million in client assets, the source said.
Louis Diamond Quoted – By Ian Wenik, CityWire – Captrust’s decision to sell a 25% stake to private equity firm GTCR may mark the start of a new era for both itself and for private equity investment in the RIA industry. The valuation — $1.25bn — may help set a new bar for investors in the RIA space. United Capital netted $750m in cash when it sold itself to Goldman Sachs in 2019.
By Louis Diamond, InvestmentNews – An interesting trend is developing among the largest and most successful independent broker-dealer practices. They are essentially “growing themselves out of the market.” That is, their practices have gotten to a point at which there is not a viable successor within their broker-dealer network.
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