Despite volatile markets, rising interest rates, and a slowing economy, wealth management mergers and acquisitions set a record in the first half of 2022, with a whopping 119 deals, according to Fidelity Institutional. Even though August has only just started, plenty of new deals have already been announced. Here are five worth noting:
Alera Group acquires Johnson Brunetti. In its latest expansion move, Alera Group added $1.5 billion in assets through its acquisition of Johnson Brunetti, a retirement and investment specialist based in Connecticut with eight offices in the Northeast and one in Atlanta. Johnson Brunetti creates investor education programs and provides retirement and investment services to high-net-worth clients. Alera Group made its largest transaction of the year in the second quarter, with the acquisition of Pennsylvania-based Wharton Business Group, adding $3.5 billion to its assets.
Edelman buys Smart Investor. Edelman Financial Engines, a top wealth management and investment firm, closed its acquisition of California-based RIA Smart Investor, which manages over $680 million in assets for 500 clients, earlier this week. Edelman reported over $275 billion of assets under management as of March 31 and has a client base of 1.3 million and more than 145 offices around the country. The deal strengthens the firm’s operations in Northern California.
Hub International acquires WealthPlan Advisers. Chicago-based Hub International Limited, a global insurance brokerage and financial-services firm, got a stronger foothold in Arizona by scooping up WealthPlan Advisers, an independent investment advisor. WealthPlan manages $2.3 billion in assets for about 600 clients. The WealthPlan team is joining the southwest region of Hub International.
MGO merges with One Seven. MGO Investment Advisors and One Seven, both Beachwood, Ohio-based RIAs, have formed a partnership and merged their assets . Merchant Investment Management has taken a minority noncontrolling stake in One Seven as a part of the deal, too. MGO is known for its 401(k) and wealth management services while One Seven provides a platform and professional development resources to other advisors. All three players are pooling their expertise. The combined firm will operate under the One Seven name, and claims approximately $2.4 billion in assets under management in its most recent filing.
Mather Group acquires Semita. The Mather Group, headquartered in Chicago, with over $7.5 billion in assets (as of June 30, 2022), announced its plans to acquire Houston-based Semita Asset Management, an RIA with a focus on investment management and financial planning to high-net-worth clients. Semita has been in business for about seven years and has accumulated $71 million in assets. Mather Group is a fee-only fiduciary firm and has offices in several cities in Texas and California and some other cities in the U.S.
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