The latest wealth management mergers and acquisition deals in North America.

Wealth Enhancement Group, Oakwood Capital Management
Wealth Enhancement Group, based in the greater Minneapolis area, has partnered with Oakwood Capital Management. 

In a statement posted on its website, Wealth Enhancement Group said “Your Oakwood Capital Management team won’t change.”

The financial terms of the arrangement were not disclosed. A report (ThinkAdvisor) said that Oakwood, based in Los Angeles, has $1.04 billion in client assets. The business was founded in 1998.

“The separately managed portfolio strategies managed by Oakwood Capital Management in the past are now part of the product offerings of a sub-advisor affiliated with WEAS, NorthCrest Asset Management, LLC,” it said. 

NorthCrest Asset Management is an RIA that is wholly owned by Wealth Enhancement Group. It is separate and independent from Wealth Enhancement Advisory Services (WEAS), another RIA that is wholly owned by WEG.

Continuing a busy period of RIA mergers and acquisition activity, reports noted that Oakwood is WEG’s second Southern California acquisition, following its purchase of Pillar Pacific Capital Management at the start of June. Other deals in 2021 included Reby Advisors, an RIA based in Danbury, Connecticut, with about $727 million in client brokerage and advisory.