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This Week in Wealth Management M&A

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The first month of the second quarter concludes with a few sizable deals. Rockefeller Capital Management dropped an announcement of yet another wirehouse team joining the firm just before heading into May. The fast-growing wealth management company has recruited a five-member Newport Beach, Calif.-based team from UBS that manages $560 million in assets under management.

Advisor Stefan Oglevee joined Rockefeller with advisosr Janna Devine and Stefan “Max” Oglevee, his son. Client service associates Justin Medeiros and Rob Lindell joined, as well. 

RBC Wealth Management also scooped up a high-producing wirehouse team. The Canadian wealth manager’s U.S. business took in a $2 billion in AUM Illinois team from Merrill Lynch. In the independent broker/dealer space, a $2 billion team formerly with Advisor Group found a new home with Atria Wealth Solutions’ subsidiary Cadaret Grant.

Summit Financial, backed by Merchant Investment Management, took a minority, non-controlling, stake in Miami-based Kandor Global. The investment is Summit’s first aim at serving international clients.

Earlier in the week, Wealth Enhancement Group agreed to purchase Pillar Pacifica Capital Management, a San Marino, Calif.-based firm with $1.6 billion in AUM. WEG’s AUM will increase to $30.2 billion once the deal closes.

Creative Planning, an RIA consolidator with $76 billion in AUM picked up a new business line and client service: Business valuations. The firm, Castle Wealth Advisors, offers wealth management and business valuations for business owner clients looking to sell. Castle manages $320 million in AUM.

Lastly, LPL Financial’s Strategic Wealth Services added advisor Chad Taylor’s $215 million in AUM team from UBS.

Below are more mergers, acquisitions and advisor moves you may have missed the week of April 26, 2021.

Steward Partners Closes on Umpqua Investments Acquisition

Steward Partners Holdings completed its acquisition of a broker/dealer and registered investment advisory firm from Umpqua Holding Corporation. The wealth management firm will now go by Steward Partners Investment Solutions and brings $3.4 billion in client assets, raising Steward’s assets under management to $22 billion and generating an additional $15 million in revenue.

Sanctuary Wealth Nabs $1.5B in AUM Quorum Private Wealth

An eight-person team led by advisors Mike Berry and Kelly Milligan joined Sanctuary Wealth. The team manages over $1.5 billion in AUM and comes from Merrill Lynch. This marks Sanctuary’s biggest recruit to date.

Advisor Group Adds $257M in Assets from Securian

Ambassador Wealth Management, based in Warrenville, Ill., moved its business to Woodburry Financial Services’ super office of supervisory jurisdiction, NorthPoint Financial Group. Woodburry is a subsidiary of Advisor Group. Phil Battin heads Ambassador and oversees $257 million in client assets.

Focus Financial Acquires A Two-Advisor Australian Shop

Focus Financial Partners, an RIA acquirer with $250 billion in AUM, agreed to acquire a 17-year-old Australian wealth management firm in Newstead, Queensland. The firm, known as Aspiri Financial Services, has 120 clients is operated by Gavin Kelly and his wife Sharon Kelly.

Prospera Financial Services Adds Team from Wells

Prospera Financial Services added a $120 million in AUM team in Aliso Viejo, Calif. Ossola Wealth Management is led by Anthony “Dean” Ossola, formerly with Wells Fargo Advisors.

Ameriprise Financial Loses Two Advisors to Wells Fargo FiNet 

Seventy2 Capital, an independent private client practice in the Wells Fargo Financial Network, recruited Amy Roberts and Doug Stead from Ameriprise Financial. The advisors joined Seventy2’s Hunts Valley, Md. location.

LPL Hires Dennis Durocher from Wells Fargo

LPL Financial has recruited Dennis Durocher, who managed $90 million in advisory, brokerage and retirement assets at former employer Wells Fargo Advisors. The Menasha, Wisc. -based Durocher joined the LPL Linsco employee advisor model.

Carson Wealth Partner Firm Expands Chicago Team

Mark McCallum, a Carson Wealth partner with a team of 11 that manages $400 million, has hired Gregory Worcestor from LPL Financial.