M and A
Deals Of The Day: The Latest In Wealth Management M&A – Prospera, MAI Capital Management
The latest mergers, acquisitions and other corporate actions in the wealth management sector.
Prospera Financial Services
Prospera
Financial Services, an RIA headquartered in Dallas, has added
Tennesse firm Wunderlich & Company of Memphis to its platform.
Led by Albert and Mackey Alexander, Brown Baine, Herb Taylor, and Philip Wunderlich, Wunderlich & Company oversees more than $650 million in assets under management.
"Prospera will help us deliver a sound, collaborative experience to our clients," Philip Wunderlich, managing member and financial advisor with Wunderlich & Co, said.
The arrival puts the Tennessee firm alongside a business with a total of $22 billion in AuM. Prospera was founded in 1982.
MAI Capital Management
MAI
Capital Management, a US RIA, has bought Halpern Financial –
another registered investment advisor – for an undisclosed sum.
Halpern has offices in Ashburn, Virginia, Rockville, Maryland and a presence in Naples, Florida. It was founded in 1991 by Ted Halpern and has $1.2 billion in client assets under management as of September 30, 2024.
Under terms of the acquisition, Halpern will adopt MAI’s brand identity and receive its internal infrastructure, including HR, operations, and marketing resources.
Ted Halpern will become regional president.
“When making this decision, we were looking for a like-minded partner to help bring our business into its next phase of growth,” Halpern said.
The deal with Halpern Financial is MAI’s 40th acquisition since 2018.