The latest mergers, acquisitions and other corporate actions in the wealth management sector.

PNC Bank has entered a definitive agreement to acquire Aqueduct Capital Group, a placement agent that raises capital for private equity, private credit and real asset managers.

The bank said this week that it expects the acquisition, which is subject to customary closing conditions, to be completed in mid-summer; it did not disclose terms.

Aqueduct, a registered broker-dealer, was founded in 2003. Its team is comprises distribution, marketing and client services professionals.

"This acquisition is complementary to existing capital advisory capabilities provided through PNC's subsidiary Harris Williams and will enable us to expand our ability to serve the global capital needs of the private equity industry," Michael D Thomas, head of corporate and institutional banking at PNC, said.

John Neuner, co-CEO of Harris Williams, added: "With minimal overlap in our respective client bases or limited partner relationships, this agreement increases the ability to serve a broader range of clients."

Keefe, Bruyette & Woods advised Aqueduct on the transaction and King & Spalding LLP acted as legal counsel. Wachtell, Lipton, Rosen & Katz acted as legal counsel to PNC Bank.

Steward Partners
Steward Partners has acquired Moore's Wealth Management, adding five financial advisors and $700 million in assets. The move expands Steward’s footprint in Georgia.

Led by partners Scott Moore, his sons Chris and Brian Moore, and Mark Peterson, the nine-member team now represents Moore's Wealth Management at Steward Partners. The Moore’s Wealth Management business was founded in 2009.

The financial terms were not disclosed.

Moore’s is part of Steward’s “legacy division,” built to create a path for teams managing succession planning. 

“As we continue to grow through strategic M&A, we remain focused on aligning with like-minded professionals who put clients first and are looking to build a lasting legacy, and Moore's is a perfect example of the caliber of talent we're seeking,” Scott Danner, head of legacy at Steward Partners, said. 

Steward, launched in 2013, was responsible for over $40 billion in client assets as of January 2025.