Whereas it wasn’t an enormous week for offers within the registered funding advisor area, there have been some notable strikes impacting the RIA area. Dynasty Monetary Companions, as an illustration, introduced some senior government shuffling, hiring a brand new chief working officer and creating the brand new roles of chief development officer and head of core providers.
In earlier reported information, $18 billion RIA Homrich Berg has agreed to promote a minority stake within the agency to TPG, the San Francisco-headquartered personal fairness agency, in a deal that will worth it at round $1 billion. Kingswood U.S. acquired Nashville-based Eudaimonia Group, three RIAs managing greater than $1 billion in belongings throughout 17 advisors. Carina Diamond, who left Dakota Wealth Administration final yr to launch her personal consulting enterprise, has joined Gries Monetary Companions, a Cleveland-based RIA, as chief development officer in a newly created position. And Carson Group acquired True North Monetary, a Billings, Mont.-based RIA with about $400 million in belongings, marking its sixth acquisition of the yr.
Dynasty Names Tim Oden Chief Progress Officer
Dynasty Monetary Companions introduced some adjustments to its senior management crew this week.
Tim Oden, a former managing director of enterprise growth at Schwab Advisor Companies, was appointed chief development officer, a brand new place. Oden joined Dynasty earlier this yr as executive-in-residence for 2024. Oden left Schwab late final yr after greater than 30 years on the firm.
Dynasty launched the executive-in-residence program final yr as a part of its “Advisor-to-CEO” program, which tailors content material and training for CEOs on the RIAs in its community. Andrew Marsh, co-founder of Richardson Wealth, a Canadian wealth administration agency that went public in 2020, was Dynasty’s first executive-in-residence. Final September, Marsh was appointed Dynasty’s first vice chairman. This week, he was named head of core providers, a brand new position by which he’ll architect the providers that Dynasty supplies to its community of corporations.
Additionally, Marc Hineman joined the agency as chief working officer. Most not too long ago, he served as COO of Pico, a know-how supplier for monetary providers corporations. Dynasty’s former COO, Ed Swenson, left the agency final yr to affix Osaic.
Service provider Stakes Republic Capital Group
Service provider Funding Administration has taken a minority, non-controlling curiosity in Republic Capital Group, a boutique funding financial institution for wealth and asset managers.
Based in late 2015 by Managing Accomplice John Langston, RCG has quietly grow to be one of the dominant M&A gamers within the unbiased wealth administration area, liable for advising on greater than $150 billion in consumer belongings transacted in 2022 and 2023.
In the meantime, Service provider’s footprint consists of $180 billion in belongings within the wealth and asset administration business. It has additionally invested in a number of service suppliers within the area.
Focus Accomplice Acquires Denver RIA
Focus Monetary Companions has facilitated a subacquisition by certainly one of its accomplice corporations, with Rework Wealth shopping for fellow Denver agency Customized Portfolio Group.
CPG was based in 2011 by President David Twibell, and had about $176 million in consumer belongings, in keeping with the agency’s most up-to-date Type ADV. Rework Wealth had about $2.5 billion in belongings as of the tip of 2023, in keeping with its Type ADV.
Rework grew to become a Focus accomplice in 2016. With places of work in Denver, Colorado Springs, Colo. and Houston, the RIA is led by brothers Nathan and David Kubik.
Cetera-Owned TRPG Provides $185M Agency
The Retirement Planning Group, a $2.6 billion RIA within the southern Kansas Metropolis suburbs, has acquired Parrott Wealth Administration, an Austin-based agency with roughly $185 million in belongings underneath administration. This represents TRPG’s fourth acquisition because it was acquired by Cetera in 2023.
William Parrott leads Parrott Wealth Administration, and the agency’s three full-time professionals will grow to be staff of Cetera.
Cetera Holdings, the holding firm of Cetera Monetary Group, introduced the acquisition of TRPG a few yr in the past. That represented its first acquisition of a pure RIA.
