M and A
Deals Of The Day: The Latest In Wealth Management M&A – Aspen Standard Wealth, CWS, Carson, Hightower
The latest mergers, acquisitions and other corporate actions in the wealth management sector.
Aspen Standard Wealth
Aspen
Standard Wealth has acquired $1.3 billion wealth management
firm CWS Financial Advisors, which is based in Kalamazoo,
Michigan, and with offices in the San Francisco Bay area.
CWS, dating back to 1983, serves households nationally and is an independent RIA.
Turkey Hill Management advised CWS on its partnership with Aspen. The financial terms of the transaction were not disclosed.
Carson Group
Carson Group,
a wealth advisory house with more than $60 billion in assets
under administration, has acquired FFR Wealth Team, which has
transitioned to an integrated Carson Wealth office. The team
serves about $201 million AuM.
FFR Wealth, which is based in Covington, Kentucky, originally partnered with Carson in 2018. FFR Wealth is led by managing partners and wealth advisors Shelley Funke Frommeyer, and Scott Reynolds.
As a Carson Wealth office, the team can use Carson's advisor-focused capabilities, including advanced planning resources, operational support, private client services offerings and other resources.
Hightower Advisors
Chicago-headquartered Hightower Advisors’ integrated practice,
Hightower
Signature Wealth, is continuing to expand. Yesterday,
the group said it has added Private Vista, Hightower Great Lakes,
and The McGuirk & De Nevi Group. In total, the practices add
about $5 billion in AuM, six locations and more than 40 team
members.
Year to date, Hightower Advisors has added more than $25 billion in AuM, as of June 30, from both internal and external acquisitions into the HTSW brand, it said in a statement. The latest additions take Hightower Signature Wealth’s AuM to about $35 billion in AuM.
The Hightower Signature Wealth business was launched last year. Our US correspondent analysed the business model here.
"These advisors share our commitment to delivering an exceptional client experience and recognize the value of giving advisors back more time in their days," Larry Restieri, CEO of Hightower, said.
Hightower added that it expects to announce additional acquisitions into Hightower Signature Wealth in the coming months.