Louis Diamond Quoted
By Jeff Benjamin
A fledgling New York-based financial advisory firm aims to make a big splash as a consolidator by baiting the hook with access to sophisticated investments.
Third Seven Advisors, which has absorbed two advisory practices for a total of nearly $800 million in assets under management since its January launch, on Thursday announced an ownership stake in a company that specializes in international investment transactions.
UDIS Capital Partners will integrate with both the Third Seven advisory business and Third Seven Capital, an investment bank that operates under the parent company Third Seven Group.
Louis Diamond, executive vice president of Diamond Consultants, said it is “definitely unique” to lure advisers with access to more sophisticated and difficult-to-access investment products and strategies.
“In speaking with a lot of wirehouse advisers, they don’t get any sort of deal flow like this,” Mr. Diamond said. “In the wirehouses, a lot of advisers were lured in with promises of access to sophisticated investments, but it is often split among so many advisers that the benefit is lost.”