This edition of the Deals & Recruiting Roundup covers HUB receiving a $1.6 billion minority investment, iCapital buying Citi’s alternative investments platform, Hightower staking Lindbrook Capital, Addepar raising Series G funding, NWF rebranding as Artisan Capital Partners, Sanctuary recruiting 1280 Financial Partners from UBS, Raymond James adding a $150 million advisor in Connecticut, Osaic recruiting five credit unions, NewEdge Wealth adding $450 million Hudson Wealth Partners, Sowell partnering with Goldman Sachs and GeoWealth, Rothschild appointing Mac O’Brien as Chief Growth Officer and Emigrant hiring Mark Rogozinski as Head of Family Office Services.
Larry's Take
A minority stake is more than it appears at first glance. While I am not privy to the plans of Addepar, HUB or their recent investors, the minority investments resulted in new valuations for both of them – credible valuations backed by serious money and knowledgeable capital professionals.
For the investor, a new valuation changes the value of the seller as an asset on the books, and can open potential for new debt against the asset or moving towards a future exit. For the seller, a new valuation signals the worth of the remaining equity in the firm, which can also be used for future M&A, equity awards for advisor incentives, procurement of loans and more. However, valuations can be problematic if litigation comes your way.
These aren’t just possibilities for megafirms – small advisory firms, independent RIAs and small-scale potential acquirors also need to have a look at the resulting effects of the valuation produced by a minority stake, which can open firms to new tools and possibilities, or create an Achilles’ heel. It may be the perfect time for a minority stake, or not, depending on your situation.
If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact me at larry.roth@rlrstrategicpartners.com.
Mergers & Acquisitions
HUB Secures $1.6 Billion Minority Investment
Chicago-based insurance brokerage and financial services firm HUB International announces that it has secured $1.6 billion via a minority investment. The funding is led by T. Rowe Price Investment Management, Alpha Wave Global and Temasek. With the deal, HUB’s valuation reaches $29 billion.
That valuation represents a $6 billion increase from 2023, when Leonard Green & Partners took a minority stake in HUB, according to a company news release. Hellman & Friedman, which invested in HUB in 2013, retains a controlling interest in the firm. Atlas Partners is a minority shareholder.
“HUB’s unparalleled middle market experience over the past 25+ years delivering industry and product specialization and risk management solutions brings a significant differentiation and level of expertise to our clients,” said Marc Cohen, Chairman and CEO, HUB International. “Our ongoing investments in innovation, proprietary products, and strategic M&A, along with our commitment to learning and development, has led to consistent performance and strength in our organic growth and new business generation.”
iCapital Acquires Citi Global Alternatives Platform
iCapital acquires Citi Global Alternatives, the advisor for Citi Wealth’s alternative investment fund platform. Citi Global Alternatives has more than 180 alternative funds including private equity, growth equity, private credit, infrastructure, venture capital, real estate and hedge funds, according to the firm.
iCapital’s platform had over $880 billion in private market assets as of March 31, including $220 billion in alternatives. iCapital will operate the Citi Global Alternatives fund platform, while Citi will distribute the funds.
“iCapital’s technology platform will streamline the operations and management of their (Citi Wealth’s) current and future alternative investment funds platform,” said Lawrence Calcano, Chairman and CEO of iCapital. “Additionally, we will enhance Citi Wealth's global sales capabilities with a dedicated alternative investment specialist team, equipping advisors with more resources focused on pre-sale, sale and post sales investment activities.”
Hightower Acquires $3.8 Billion Lindbrook Capital Of California And New York
Chicago-based Hightower Advisors makes a strategic investment in Lindbrook Capital, a $3.8 billion advisor with offices in Los Angeles; Calabasas, California; and New York City. Lindbrook is led by Managing Partners Benjamin Posen and Tyler Dritz, together with Partner Lee Samson.
Hightower’s community has more than 140 advisor businesses, and the firm had approximately $168 billion in assets under management (AUM) as of Dec. 31. The deal is Hightower’s first strategic investment in 2025.
“We have known the principals at Lindbrook Capital for more than a decade and are excited for them to join Hightower,” said Hightower Chairman and CEO Bob Oros. “Under the seasoned management of Ben and Tyler, the team has built an impressive business with an attractive client base that includes some of today’s top business and entertainment executives.”
Addepar Raises $230 Million In Series G Funding
Portfolio management platform Addepar closes a $230 million Series G investment round, led by London-based Vitruvian Partners and New York-based WestCap. Participants include 8VC, Valor Equity Partners and EDBI, operating under SG Growth Capital of Singapore. The deal puts Addepar’s valuation at $3.25 billion.
The proceeds will fund a tender offer to provide liquidity for Addepar employees and investors, and allow continued development for the platform’s capabilities. Addepar was founded in response to the 2008 global financial crisis to provide data, technology and insights to investment professionals, the firm said.
“Since day one, our focus has been on building a unified platform that equips investment professionals with advanced technology, precise data, and actionable insights—essential tools for achieving extraordinary outcomes in today’s rapidly evolving financial landscape,” said Eric Poirier, CEO at Addepar. “This funding aims to reward everyone who has contributed to our mission during our first 15 years, and reinforces our commitment to empowering the world’s leading firms with deep and lasting innovation.”
Rebranding
NWF Advisory Group Changes Name To Artisan Capital Partners
Los Angeles-based NWF Advisory Group, a hybrid RIA with $8 billion in assets under administration, rebrands as Artisan Capital Partners. The new name reflects the firm’s commitment to a personalized approach to advisory services.
Artisan has approximately 100 independent advisors. The firm, which specializes in financial, retirement, education and insurance planning, was launched in 1969 as AFP (Associates in Financial Planning). In 2002, the firm rebranded as NWF (New World Financial).
“We are thrilled to reintroduce ourselves as Artisan Capital Partners, a firm that provides the deep expertise and vast resources of a larger enterprise along with the intimate, white-glove service of a smaller shop,” said Shehab Mohammad, President and CEO of Artisan. “Not only does Artisan prioritize the financial well-being of its clients, but also the continued growth and prosperity of its advisors.”
Advisor Transactions
Sanctuary Recruits $2 Billion 1280 Financial Partners From UBS
Sanctuary Wealth recruits 1280 Financial Partners, with $2 billion in assets, to its network from UBS. Founded in 2021, 1280 Financial has offices in Miami and Fort Myers, Florida; Sandusky, Ohio; and Augusta, South Carolina. The team is launching as an independent firm through Sanctuary’s Strategic Capital Partnership program, which provides network members and other wealth management firms a way to raise strategic capital for growth and succession planning.
The team includes Managing Partners and Senior Portfolio Managers Tom Burt, Duane Ohly, Charlie Todd and John McGee, as well as Senior Vice Presidents and Senior Portfolio Managers Brett Kinzel, John Petracco and Carol Powell, and Vice President and Wealth Advisor Richard Allen Flippo. 1280 Financial’s private clients include high and ultra-high net worth individuals, families, athletes, entertainers, entrepreneurs and corporate executives. It also serves insurance, corporate, government, non-profit and endowment clients.
“Elite practices are drawn to our approach because it rewards those with the confidence to bet on themselves — building equity and autonomy without interference or competing agendas — and with 1280 Financial, we didn’t just admire their conviction, we matched it with our own capital, taking a minority stake in the firm,” said Adam Malamed, CEO of Sanctuary Wealth.
Raymond James Adds $150 Million Advisor From Janney
Raymond James recruits Seth Diamond to its employee advisor channel, Raymond James & Associates (RJA), in Glastonbury, Connecticut. Diamond comes from Janney Montgomery Scott, where he managed approximately $150 million in client assets.
Diamond becomes Senior Vice President of Investments at RJA. He has over 30 years of financial services experience and previously taught applied technical analysis at the NYU School of Professional Studies. Raymond James had approximately $1.54 trillion in client assets as of March 31.
“Joining Raymond James means aligning with a firm that prioritizes the advisor-client relationship and provides a structure built on stability and service,” said Diamond. “The firm’s commitment to independence ensures that I can continue serving my clients in a way that best suits their needs, free from outside influence.”
Osaic Recruits Five Credit Unions, Adding $500 Million In Client Assets
Osaic adds five credit union wealth management programs to its Osaic Institutions channel. The credit unions are Rave Financial Credit Union, South Metro Federal Credit Union, Capital Credit Union, Impact Credit Union and Noble Credit Union. The group of wealth management programs was previously with CUSO Financial Services, part of Atria Wealth Solutions.
Together, they bring nearly $500 million in client assets. Under the Osaic umbrella, each credit union wealth management program will continue to be member-operated and retain its own brand. The programs will receive strategic and technological support from Osaic Institutions.
“We’ve crafted something special at Osaic to support credit unions and banks in efforts to deliver exceptional wealth management services,” said Greg Cornick, Executive Vice President of Advice and Wealth Management at Osaic. “It’s incredibly rewarding to offer these community pillars the scale and capabilities of a large firm—while continuing to deliver a personalized experience that feels intimate and intentional.”
NewEdge Wealth Adds Jesse Christensen Of Hudson Wealth Partners
NewEdge Wealth announces that Jesse Christensen is transitioning his firm, Hudson Wealth Partners, to its family of firms. Hudson was previously supported by an affiliated firm, NewEdge Advisors. With more than $450 million in client assets, Hudson focuses on advising corporate executives on equity, tax and estate planning.
NewEdge Wealth is designed to serve family office, institutional and ultra-high net worth clients. NewEdge Wealth and NewEdge Advisors are both part of NewEdge Capital Group, which supports over 450 advisors and recruited more than $9.5 billion in client assets in 2024.
“In choosing the NewEdge family of firms, I knew I would have the flexibility to build my practice and leverage the advanced range of solutions designed to serve the unique needs of senior executives and ultra high net worth individuals,” said Christensen, Principal at NewEdge Wealth. “While my practice expanded rapidly with the support of NewEdge Advisors, allowing me to focus on this complex area of the market, it eventually became clear that my clients would benefit further from a closer alignment with NewEdge Wealth’s service offerings.”
Strategic Partnerships
Sowell Management Partners With Goldman And GeoWealth On Custom Investment Solutions
North Little Rock, Arkansas-based RIA Sowell Management partners with Goldman Sachs Asset Management and GeoWealth to launch custom investment solutions for high net worth investors. The Sowell Visionary Allocation Strategies suite gives advisors exclusive strategies that account for client tax considerations, preferences and investment objectives.
Sowell advisors can access portfolio insights, commentaries and customizable client materials through Goldman’s institutional framework, enhanced by Sowell’s OCIO platform. Sowell offers the strategies through FLEX Investment Management (IM), its proprietary UMA platform, which is supported by GeoWealth. Founded by Bill Sowell in 2001, Sowell Management’s network of advisors had over $5.5 billion in client assets as of April.
“At Sowell, we are hyper-focused on helping independent financial advisors scale with confidence, which is why we are thrilled to work with Goldman Sachs to offer investment solutions that help advisors meet and exceed the needs of their clients,” said Daryl Seaton, President at Sowell Management. “In addition to accessing the experience of a leader in institutional investing, this partnership will enable advisors to implement Sowell’s strategies suite into client accounts seamlessly, removing a key barrier to implementing portfolios at scale using turnkey technology.”
Promotions & People Moves
Rothschild Appoints Mac O’Brien As Chief Growth Officer
Rothschild Wealth Partners announces the appointment of Mac O’Brien as the firm’s Chief Growth Officer, a newly created role. He will focus on acquisitions and recruiting financial advisors to the platform.
O’Brien was recently Head of Investment U.S. Distribution at Morningstar Wealth. He previously held senior roles at Zacks Investment Management, Dearborn Capital Management and Astor Investment Management. Founded in 1908, Rothschild has offices in Chicago; Oakbrook, Illinois; Denver; and Nashville.
“Rothschild Wealth Partners has a rare combination of heritage, integrity, and ambition,” said O'Brien. “I’m thrilled to help lead the firm’s next chapter of growth by attracting exceptional Financial Advisors to a firm that empowers them to deliver truly generational impact for their clients.”
Emigrant Bank Hires Mark Rogozinski As Head Of Family Office Services
Emigrant Bank appoints Mark Rogozinski to the role of Managing Director and Head of Family Office Services. He will work with several Emigrant businesses, including family office platform Summitas, boutique risk advisory firm Personal Risk Management Solutions, Sarasota Private Trust, Cleveland Private Trust and fine art market lender Emigrant Bank Fine Art Finance.
Rogozinski will report to Liz Nesvold, Vice Chair of Emigrant Bank and Chair of Emigrant Partners. He recently served as Executive Managing Director, Strategic Initiatives at Cresset Capital Management. Prior to that, he was President of Cresset Family Office.
“I’m honored to join the Emigrant team at such a pivotal time for the wealth management industry,” said Rogozinski. “The opportunity to contribute to a platform that is deeply committed to advisor independence and fiduciary excellence aligns closely with my values and career experience.”
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