This edition of the Deals & Recruiting Roundup covers Lido closing a strategic investment from HPS, Abacus taking a minority stake in Dynasty, Merit acquiring an advisor team from Second Half, Steward adding Longbridge Wealth, Corient acquiring Messick Peacock, SageView acquiring CAP STRAT, Holistic Wealth transitioning to independence, Osaic adding Blaze Credit Union, Raymond James recruiting three advisor teams with combined assets of $2.35 billion, iCapital hiring Bloomberg journalist Sonali Basak as Chief Investment Strategist, EP Wealth hiring Justin Mikhalevsky as Chief Product and Technology Officer and VestGen appointing Robert Hostetter as Chief Investment Officer.
Larry's Take
As experts told us in February, a major portion of the role of a modern CIO is educating and communicating with clients and the public. The same can be said for other investments executives, and some of the best communicators in the industry are in broadcast media.
In light of this, iCapital’s hire of Bloomberg television anchor Sonali Basak as Chief Investment Strategist is a brilliant move: A trusted, widely known media personality with in-depth knowledge of investments is well suited to both develop and voice the firm’s investment strategies.
In an age of digital communications, knowledge isn’t enough. Those with the ability to communicate clearly and effectively across a broad range of potential audiences have an advantage. If you’re not there yet, don’t fret – it’s a skill that can be learned and honed.
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
Lido Receives Strategic Investment From HPS
Lido Advisors announces a strategic investment from HPS Investment Partners. Los Angeles-based Lido previously received investments from private investment firm Charlesbank Capital Partners and alternative asset management platform Constellation Wealth Capital.
Lido has more than 160 employee-owners and 40 offices. It had $33.5 billion in regulatory assets under management (AUM) as of June 30. HPS is a credit-focused alternative investment firm with approximately $157 billion in AUM as of March 31, while Charlesbank had approximately $20 billion in AUM as of that date.
“I’m incredibly proud of the growth we’ve achieved while staying true to our client-first values, and I am excited to embark on the next phase of Lido’s journey with the additional support of HPS,” said Jason Ozur, CEO of Lido. “Lido is extremely well positioned to continue our momentum and to further enhance the personalized, family office-style experience we provide our clients.”
Abacus Stakes Dynasty After Long Strategic Partnership
Orlando, Florida-based Abacus Global Management takes a minority investment in Dynasty Financial Partners, deepening the firms’ existing relationship. Abacus has partnered with Dynasty for years as a member of Dynasty’s network.
Abacus specializes in alternative asset management with a focus on longevity-based assets. Dynasty has 57 partner firms in its network and over $105 billion in platform assets.
“Over the years, we have developed a deep relationship with the team at Dynasty, so we are thrilled to be able to offer them support, as well, through this investment,” said Jay Jackson, Chairman and CEO of Abacus. “Their backing and expertise empower us to continue building on our suite of services and expanding our national footprint.”
Merit Acquires $225 Million Team From Second Half Financial Partners In Florida
Atlanta-based Merit Financial Advisors acquires a team of advisors from Second Half Financial Partners in Sebring, Florida. The team, led by Senior Partner and Majority Owner Mike Fitch, specializes in investment and retirement strategies for firefighters and law enforcement professionals.
The new office will be Merit’s fifth in Florida, and the addition brings $225 million in client assets. The deal was finalized on Aug. 6. It marks Merit’s 40th acquisition in four and a half years, coming on the heels of its recent purchase of RCM Investments in Utah.
“Second Half's specialized team's mission aligns closely with Merit's core values of service, purpose, and growth,” said Tyler Vernon, Managing Principal and Partner at Merit. “By joining forces, we're equipping their team with the operational support and resources needed to deepen their service offerings and expand their impact across the first responder community.”
Steward Partners Acquires $481 Million Longbridge In Ohio
New York City-based Steward Partners announces the acquisition of New Canton, Ohio-based Longbridge Wealth Advisors, expanding its presence in the Ohio market. The firm, led by Partners Jack Elgin and Neven Zelich, has a 10-person team including three additional financial advisors. It adds $481 million in client assets to Steward’s Legacy Division.
Steward, founded in 2013, oversaw more than $44 billion in client assets as of July. Its Legacy Division supports advisors in preserving their brand identity and client relationships through a long-term succession plan.
“With more than 20 years working side by side, Neven and I have always been grounded in delivering thoughtful financial planning and a high level of personal care to every client we serve,” said Jack Elgin, Partner, Managing Director and Financial Advisor at Longbridge Wealth Advisors. “In Steward Partners, we saw a like-minded firm that shares our commitment to long-term relationships, high standards, and doing right by the people we serve.”
Corient Acquires $1.54 Billion RIA Messick Peacock
Miami-based Corient Private Wealth expands in the Southwest with the acquisition of Dallas-based Raymond James advisory team Messick Peacock & Associates. The firm, founded by Chris Messick and David Peacock in 2015, has $1.54 billion in AUM. It specializes in holistic wealth planning for high net worth and ultra-high net worth clients in the Dallas-Fort Worth market.
Corient, founded in 2020, is a fee-only firm with a private partnership model. It has 260 partners and managed approximately $197.1 billion in client assets as of June 30.
“Corient’s unique private partnership enables us to serve our clients differently and with the full strength of the entire firm behind us,” said Messick. “We are excited to join this incredible team and leverage Corient’s expansive suite of services on behalf of our clients.”
SageView Acquires CAP STRAT, Expanding In Midwest
Newport Beach, California-based SageView Advisory Group expands its presence in the Midwest with the acquisition of Oakbrook Terrace, Illinois-based CAP STRAT. The institutional retirement plan consulting firm is led by Barbara Best, Nancy Rizzuto, Alison Bettonville, Mike Rarey, Michael Warford and Neil Davies, all of whom become Managing Directors at SageView.
Founded in 2003, CAP STRAT oversaw more than $24 billion in institutional assets under advisement and $750 million in AUM as of June 30. The deal adds institutional managed asset services to SageView’s capabilities. SageView was founded in 1989 and has 30 offices.
“CAP STRAT was seeking a partner to help us reach our next level of growth, and SageView, with its similar culture and alignment on client service and support, was a perfect fit,” said Best. “We are excited to leverage SageView’s expertise and solutions to support our clients.”
Advisor Transactions
Holistic Wealth Launches As Independent RIA
Clifton Park, New York-based Holistic Wealth Advisors transitions to independence as an RIA. The woman-owned firm with $350 million in client AUM has six financial advisors and seven support staff.
Holistic also secured a minority investment for long-term growth, infrastructure and client service capabilities. It received support from Ascendia Partners, a consulting firm that helps launch independent RIAs. Holistic says it will continue its partnership with AssetMark as its investment platform.
“This is a major milestone for our team and the families we serve,” said Stacy Clifford, President and Founder of Holistic Wealth Advisors. “We’re now in full control of our firm’s future, with the ability to make decisions that directly benefit our clients.”
Osaic Adds $840 Million Credit Union To Its Institutions Channel
Osaic adds Blaze Credit Union to its Osaic Institutions channel. Blaze was formed last year via the merger of two Minnesota-based credit unions: Spire Credit Union, which had an existing relationship with Osaic, and Hiway Credit Union. Blaze’s wealth management division has $840 million in assets, according to Osaic.
Blaze has 28 branch locations serving almost 250,000 members, making it one of Minnesota’s largest credit unions, Osaic said. Blaze Retirement and Investment Services has eight advisors. Osaic, a portfolio company of Reverence Capital Partners, supports approximately 11,000 financial professionals.
“Blaze was founded to serve our members with compassion, integrity and a commitment to their financial well-being,” according to Jim Ganger, Senior Vice President and Chief Experience Officer at Blaze Credit Union. “As such, we wanted a partner who truly values personal service and meaningful, lasting relationships.”
Raymond James Recruits Three Advisor Teams With Combined Assets Of $2.35 Billion
Raymond James adds a $1.8 billion advisor team to its independent advisor channel, Raymond James Financial Services (RJFS). Greenberg & Rapp and its subsidiary, Eagle Rock Wealth Management, have locations in Morristown, New Jersey, and West Palm Beach, Florida. The firms are led by Founders and Principals Thomas Rapp and Ronald Greenberg, and Managing Partner Patrick Maguire. The team, which includes 14 more financial advisors, comes from M Financial Group.
In Las Vegas, RJFS recruits another financial advisor team. Daniel Toll and Tahirih “T” Toll are Co-Founders of Toll Wealth Management, which also includes Senior Registered Client Associate Issac Preis and Registered Client Service Associate Jaden Tate. The group join RJFS from RBC Capital Markets, where they oversaw approximately $347 million in client assets.
RJFS also welcomes a five-person advisor team from Buffalo Financial of Depew, New York, said Alex David, Northeast Divisional Director for RJFS. Financial Advisors Jeremy Beck, Matthew Pitrola, Jacob Wood, Tyler Sacco and Matt Wojick join from Commonwealth Financial Network, where they managed approximately $207 million in client assets. They are supported by Business Coordinator Trish Del Prince, Administrative Assistant Dawn Esslinger, Marketing Consultant Haley Travers and Client Service and Research Assistant Gavin Beck.
Promotions & People Moves
iCapital Hires Bloomberg Anchor Sonali Basak As Chief Investment Strategist
New York City-based iCapital hires journalist Sonali Basak for the role of Chief Investment Strategist. She comes from Bloomberg Television, where she was the lead financial correspondent and anchor of the network’s morning program, Open Interest.
At iCapital, she will develop and voice the firm’s investment outlook for public and private markets and provide actionable insights. iCapital had $945 billion of assets on its platform as of June 30.
“The wealth industry is undergoing a significant transformation, and individual investors should have increased access to the same private market opportunities that have driven institutional returns for decades,” said Basak. “iCapital aims to be the central authority linking the wealth community with the top asset managers across the world. I’m thrilled to bring my expertise to engage with financial advisors, investors, and asset managers every day.”
EP Wealth Hires Justin Mikhalevsky As Chief Product And Technology Officer
Torrance, California-based EP Wealth Advisors appoints Justin Mikhalevsky as Chief Product and Technology Officer. In the newly created role, he will focus on integrating product strategy, enterprise technology and data platforms. Mikhalevsky comes from Kestra, where he served as Head of Analytics, AI and Business Systems.
EP Wealth is a fee-only RIA that is employee owned and operated. The firm, which recently completed a migration to Salesforce, had over $36.4 billion in AUM as of June 30.
“His rare blend of thoughtful leadership, technical expertise and pragmatic execution will be instrumental as we take our capabilities to the next level,” said Ryan Parker, CEO of EP Wealth. “Justin is a builder at heart—he listens deeply, collaborates with intention and moves quickly from insight to action.”
VestGen Appoints Robert Hostetter As Its First CIO
Chicago-based VestGen Wealth Partners continues the expansion of its leadership team with the appointment of Robert “Bob” Hostetter as Chief Investment Officer, a newly created position. He will report to Josh Gerry, VestGen’s Founder and CEO.
Hostetter comes from Institutional Client Solutions, where he was Managing Partner. He previously held roles at Russell Investments, AllianceBernstein, William Blair and McKinsey. VestGen launched in December 2024.
“The firm has terrific momentum and is investing heavily to build a platform that meets the needs of wealth advisors and clients today and tomorrow,” said Hostetter. “VestGen is committed to the active implementation of personalized portfolios spanning diverse asset classes and investment solutions.”
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
