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Deals Of The Day: The Latest In Wealth Management M&A – Summit Financial Holdings

Editorial Staff May 16, 2024

Deals Of The Day: The Latest In Wealth Management M&A – Summit Financial Holdings

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

Summit Financial Holdings
Summit Financial Holdings, a financial services firm, has just brought in Florida-headquartered Kyros Private Wealth.

This newly-formed practice is led by founding partner and private wealth advisor William E Clegg IV, the firm said in a statement. Formerly affiliated with UBS as The Clegg Group, Kyros is the sixth firm in 2024 to join Summit Growth Partners (SGP), a partnership that combines cash monetization with equity participation and partnership privileges.

As part of this transaction, Kyros will become an affiliate partner of Summit, granting them access to a suite of services including exclusive, diversified investment solutions; technology; risk management capabilities; and operational support. These resources will support the launch, operation and growth of the new business, the firm continued.

The firm provides wealth management services including investment management, tax and risk mitigation services, estate planning, charitable giving strategies, and succession planning. Kyros specializes in serving high net worth individuals, including business owners, executives and entrepreneurs, guiding them toward personal and professional financial success. Collectively this team oversaw more than $370 million in assets under management while at UBS.

"Breaking away and gaining our independence with the support of Summit marks a pivotal moment, empowering us to not only grow and scale effectively but also deliver unparalleled service to our valued clients,” Clegg said.

The addition of Kyros marks the first Summit-affiliated firm utilizing Goldman Sachs Custody Solutions, with more expected to join the digital-forward custodial provider in the coming months.

“By expanding our partnership model nationwide to teams that share our client-first ethos, Summit can empower advisors in every regional market with the necessary resources to establish and maintain their independence,” Stan Gregor, CEO of Summit Financial Holdings, added. 

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