This edition of the Deals & Recruiting Roundup covers Trian acquiring Janus, Wealth Enhancement buying Dent, United Capital purchasing Groebl Brothers, FINNY AI raising $17 million in venture capital funding, Ares staking $475 million in Steward and DeVoe predicting M&A growth for RIAs next year.
Larry's Take
As 2025 draws to a close, the quiet last weeks of December still provide plenty of M&A news, ranging from $17 million in VC funding for a lead gen startup to a group led by Trian taking Janus Henderson private for $7.4 billion. Neither are RIA M&A, but both will affect the wealth management space.
DeVoe & Company also released its yearly RIA M&A survey, showing rising expectations for M&A, along with concerns among the respondents about organic growth and the unaffordability of RIAs to successor generations. Its Founder and CEO, David DeVoe, told us that organic growth and succession planning are the “industry’s greatest vulnerabilities.”
Neither organic growth nor succession planning will be solved simply. The causes of the problems are manifold, so the cures will be as well. As we cross into the new year, our industry is in the hands of capable leaders who are actively working on solutions, giving me confidence that we will overcome these issues.
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@ascentix.com.
Mergers & Acquisitions
Nelson Peltz-Led Investor Group To Buy Janus Henderson For $7.4 Billion
A group led by prominent activist investor Nelson Peltz agrees to purchase London-based Janus Henderson for $7.4 billion. The deal is expected to close in mid-2026. Peltz is CEO and Founding Partner at Trian Fund Management, which already owns 20.6% of Janus. Trian is collaborating with General Catalyst Group Management, Qatar Investment Authority and Sun Hung Kai on the deal. The group will pay $49 per share for the remaining stock.
As a private company, the current management team, including CEO Ali Dibadj, will continue to lead Janus. As of Sept. 30, Janus Henderson oversaw $484 billion in assets under management (AUM), with more than 2,000 employees and offices in 25 cities worldwide.
“As a significant shareholder of JHG with Board representation since 2022, we are proud of the Company’s performance in recent years led by Ali and his outstanding team,” Peltz said. “We see a growing opportunity to accelerate investment in people, technology, and clients. The partnership with General Catalyst allows us to bring our shared entrepreneurial spirit and complementary strengths across operational excellence and technological transformation to Janus Henderson.”
FINNY AI Raises $17 Million From Venrock, Other Investors
FINNY AI in New York raises $17 million in Series A funding from Venrock, former Vanguard Chairman and CEO William McNabb, Altruist CEO Jason Wenk and Activant. Existing investors Y Combinator, Maple VC and Crossbeam Ventures continued their support. Adding the Series A to its seed round, it has raised a total of $21.3 million.
The startup, which is developing AI technology to help advisors prospect for clients and boost organic sales, will use the capital to recruit talent for its engineering and product development teams. It said its technology generates an annual average of $7.7 million in new client assets per advisor with little acquisition costs.
“FINNY brings together deep technical, product and machine-learning expertise and their approach reflects the next evolution of advisor-focused technology,” said Nick Beim, Partner at Venrock. “FINNY has already demonstrated a proven product and rapidly growing demand, underscoring the prevalence of the organic growth problem they’re solving for advisors.”
Ares Stakes Steward Partners With $475 Million Investment
Ares Management boosts its position in Steward Partners with a new $475 million strategic investment. The Los Angeles-based alternative investment manager already serves as a lender to Steward. Control of Steward remains with its partners and leadership. The company’s backers also include Cynosure Group and the Chicago-based private equity firm The Pritzker Organization.
Headquartered in Stamford, Connecticut, Steward manages almost $50 billion in client assets. Piper Sandler was the financial advisor to Steward Partners. Ropes & Gray and Latham & Watkins provided legal counsel to Steward Partners. Cahill Gordon & Reindel provided legal counsel to Ares.
“Ares is pleased to provide flexible capital to support Steward Partners in its next phase of growth, and this transaction reflects our confidence in the company’s leadership and market position,” said Scott Rosen, Partner in Ares Credit. “We’re proud to work with a company that has deep alignment across employees, management and investors.”
DeVoe’s Annual RIA M&A Outlook: Momentum Expected To Continue Despite Challenges
A majority of RIA executives now expect M&A activity will continue to grow in 2026, according to DeVoe & Company’s new Annual RIA M&A Outlook. Of advisory firms surveyed, 54% anticipate M&A transaction volume will increase over the next 12 months, a figure DeVoe calls a “meaningful jump and notable change in outlook.”
Key insights from the survey highlighted the hurdles that many firms in the sector face. For one thing, succession has reached a “breaking point,” the report said, as two-thirds of RIA leaders point to the lack of succession planning as a major issue and only 22% believe their successors can afford to buy them out. The executives also cited the lack of organic growth as a top concern.
“Organic growth has joined succession planning as the industry’s greatest vulnerabilities,” said David DeVoe, the firm’s Founder and CEO.
Wealth Enhancement To Acquire Dent Wealth Advisors, Expand Into Louisiana
Minneapolis-based Wealth Enhancement Group plans to purchase Dent Wealth Advisors, a RIA in Baton Rouge, Louisiana, that managed $340 million in client assets as of Sept. 30. The deal is expected to close on Dec. 31.
Founded in 1997 by Founder and Principal Fred Dent, the company provides financial planning, investment management and 401(k) advisory services to individuals, high net worth families and charitable organizations. With Dent, Wealth Enhancement will operate 194 offices across 38 states. Including Dent and other transactions expected to close this month, Wealth Enhancement will have over $132.5 billion in client assets.
“In joining forces with Dent Wealth Advisors, we are thrilled to establish our first office location in Louisiana,” said Jeff Dekko, Chief Executive Officer of Wealth Enhancement. “We’re honored this high-caliber team has selected Wealth Enhancement as their trusted partner for their next chapter of growth.”
United Capital Purchases Groebl Brothers, Adds $240 Million In AUM
United Capital Financial Advisors in Irving, Texas, buys Groebl Brothers, an RIA in Leawood, Kansas, that oversees $240 million in AUM, founded in 2010 by Joe Groebl and Tim Groebl.
Groebl marks United Capital’s third acquisition this year. Last month, the company acquired Apexium Financial and added $4 billion in AUM.
“We are thrilled to have Groebl Brothers join United Capital,” said Jim Rivers, President of United Capital. “Joe and Tim have more than 46 years of combined experience in the financial services industry, and they use that expertise to educate and provide peace of mind for their clients while also ensuring that they are delivering a tailored financial plan for each client. They will be a welcome addition to the United Capital team.”
Thomas Lee, Senior Editor and Staff Writer at Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
