In a week in which financial (and mainstream) media was largely dominated by the evolving Gamestop/Robinhood/Reddit saga, the M&A market, nonetheless, kept chugging along.
Cleveland, Ohio–based MAI Capital announced it is acquiring HW Financial Advisors, an affiliate of accounting firm Howard, Wershbale & Co (HW&Co) in Beachwood, Ohio.
Mercer Advisors deepened its hold in the Midwest as it tucked in Marrs Wealth Management, an 11-year-old firm located in Ames, Iowa, according to a company announcement. The Denver-based firm closed the deal on Marrs on Dec. 31, 2020, making it Mercer’s seventh acquisition since November.
Canadian-based asset and wealth manager CI Financial announced plans to acquire a majority stake in Chicago-based Segall Bryant & Hamill, an investment and wealth management firm with $23 billion in assets under management. The deal is CI’s 14th since the start of 2020.
Atria Wealth Solutions announced plans to acquire Fresno, Calif.–based independent broker/dealer and registered investment advisor SCF Securities, which has $4 billion in assets under administration and about 150 financial advisors. This is the sixth broker/dealer Atria has acquired since it launched in 2017 and will bring its total advisor head count to over 2,500 with nearly $95 billion in assets under administration.
National Guardian Life Insurance Company is acquiring the New York City–based digital life and estate planning company Everplans.
FMG Suite announced Twenty Over Ten's Samantha Russell as its new chief evangelist.
Other deals announced this week include:
Sammons Financial Group Acquires Beacon Capital Management
Dayton, Ohio-based Beacon Capital Management is an RIA with $3 billion in assets under management. It will continue to be led by President and CIO Chris Cook, who will also join the Sammons senior management team.
LPL Financial Adds Washington Crossing Financial Group
Advisors Brendan Biruk and Dan Rattigan join LPL from UBS financial to launch a new independent practice in Washington Crossing, Pa. They’ve served approximately $245 million in brokerage, advisory and retirement plan assets.
Foreside Financial Group Acquires Capital Markets Compliance
Foreside Financial Group, a provider of governance, risk management and compliance service and technology offerings to clients in the global asset and wealth management industry, announced that it plans to acquire Capital Markets Compliance, a leading compliance, consulting and FINOP practice. As part of the acquisition, CMC’s managing team of Karen Lopez Alvarez and Rick Alvarez, along with 13 employees, will join Foreside.
EH Shum Financial Solutions Joins H. Beck, Inc.
Bay Area–based EH Shum oversees about $220 million in assets.
CAPTRUST Adds PWA Wealth Management; Opens Pittsburgh Office
The Pittsburgh-based team is led by founder and CEO Joe Scarpo and brings 15 employees, including seven financial advisors, to CAPTRUST. Founded in 2003, PWA advises on more than $800 million in assets for individuals, small business owners and institutional clients.
