Sanctuary Wealth Management has launched a new global family office business through a partnership with Los Angeles, California.-based InnoVise Family Wealth Advisors in which it has purchased a minority stake, the group announced on Wednesday.
Formerly known as Audent Family Wealth Advisors, InnoVise, which has roughly $2bn in assets under advice, has rebranded as part of the new business launch under the arm of Sanctuary Wealth.
Brain Weiner, managing partner at InnoVise, has also been tapped to lead Sanctuary’s new Global Family Office which will provide the group’s cadre of independent financial advisors with ‘a wide range of family office services,’ according to its founder and CEO Jim Dickson.
‘We will continue to make strategic acquisitions that strengthen our platform, and with InnoVise, we have added a best-in-class family office offering and ultra-high net worth solution set to our existing partner firms so we can better serve them and their clients,’ he added.
Additionally, the firm has also hired Michael Pagano, the head of private banking from City National Bank (CNB) based in Los Angeles, as InnoVise’s new chief operating officer.
He spent more than 13 years at CNB and has held roles at Bank of America private bank and Wells Fargo private bank, according to Sanctuary’s announcement.
InnoVise, which specializes in family office consultancy, wealth transfer and estate transfer services, will continue to ‘operate independently’ of Sanctuary, according to Weiner.
A spokesperson for the firm said that the new business line would also ‘act as an extension’ to recent developments Sanctuary has undertaken to grow in the international wealth arena, including the launch of a new Miami office and a new platform for international advisors looking to make the jump to independence.
The group began moving into the international space in August 2020 when it hired Merrill Lynch international wealth manager Susan Graybeal to head up the construction of its wealth and product platform for offshore advisors.
The firm has since onboarded a slew of international FAs to its platform, which included an eight-person team focusing on Mexico from Wells Fargo earlier this year.
Currently, Sanctuary’s network of partner firms are active across 21 states and collectively manage more than $17bn in assets, the firm said.