The latest mergers and acquisitions in the wealth management and associated space.

Sanctuary Wealth
Sanctuary Wealth, the US firm, has added another team in Texas, bringing on board Claybourn Frakes Wealth Advisory Services. The firm, led by founder and managing partner John Frakes with 30 years of wealth industry experienced, is based in San Antonio.

This is the first time that a firm in San Antonio has joined Sanctuary.

Frakes’ career includes 11 years with UBS and 17 years at Smith Barney. He is a Certified Exit Planning Advisor and serves a diverse clientele of business owners, high net worth individuals, and families as well as nonprofits and corporations in south Texas and throughout the US.

Prior to his financial career, Frakes served in the US Marines, an example of people transitioning from the armed forces to wealth management careers.

Texas is a busy state for wealth management, as noted in a feature by Family Wealth Report a few months ago in its overview of the Dallas/Fort Worth market. As for San Antonio specifically, Rockefeller Capital Management last week welcomed Adapt Partners.

The Sanctuary Wealth network includes 46 partner firms across 18 states with over $15.0 billion in assets under advisement. 

Mission Peak Capital, Mount Street Group
Mission Peak Capital, a US-based real estate investment firm, has made a “significant investment” in Mount Street Group, a European third-party loan servicer, overseeing more than $95 billion in credit services.

Mount Street launched US operations in 2017 and looks after about $12 billion in assets under management. MPC is involved in all aspects of commercial real estate, including originating loans, serving bonds, equity ownership and managing property.

The financial terms were not disclosed.

This partnership will expand beyond its Atlanta and New York offices and add up to 20 new, seasoned servicing and asset management professionals in Atlanta and its new office in Kansas City. 

"Our investment in Mount Street is a direct result of our recognition that commercial real estate is evolving and continues to be deeply impacted by changing global trends," Wit Solberg, principal and founder of Mission Peak Capital, said. "Investors are seeking yield and purchasing increasingly complicated investment vehicles further up the credit curve which will require an experienced servicing partner.”