Mindy Diamond Quoted
By Megan Leonhardt
The RIA M&A market is poised for growth, but not gaudy growth.
While the RIA mergers and acquisitions market is poised for growth, the number and size of the deals are likely to make a slow (but steady) climb back to pre-recession rates; few expect a fury of dealmaking.
The dealmaking speculation hit a high note last year with the announcement of the Luminous deal in November. The Los Angeles-based firm started with a breakaway team from Merrill Lynch in 2008. And with that, the firm’s assets swelled and helped create a strong high-net-worth client base, even during the height of the recession.
Four short years later, with $5.5 billion in assets under management, the group became First Republic Investment Management in the cash deal that gave rise to hopes that other small shops could shoot for the same trajectory.
“Deals like that really demonstrate the power of the independent space,” says Mindy Diamond, president of the recruiting firm of Diamond Consultants. “It’s not just about the money, it’s about the possibility.”
