Financial Results

Dynasty Completes Capital Raise

Editorial Staff October 14, 2024

Dynasty Completes Capital Raise

Large groups including BlackRock, Charles Schwab and JP Morgan AM were involved in the latest capital raising for the Florida-headquartered wealth management group.

Dynasty Financial Partners has closed a minority capital raise to fuel its growth.

Several of Dynasty’s existing investors and members of its board of directors supported the fundraise, as well as strategic investors such as The Charles Schwab Corporation and new investors BlackRock and JP Morgan Asset Management. As previously announced, Dynasty has a $50 million unused credit facility from Citibank, Goldman Sachs Bank, JP Morgan, RBC Capital Markets, and UMB Bank.

"..enhancing our fortress balance sheet will allow us to provide more capital in support of our clients who are looking to grow their businesses via M&A or achieve succession planning goals," Dynasty CEO and founder Shirl Penney (pictured) said.

Headquartered in Florida’s St Petersburg, Dynasty’s rise has been in tandem with consolidation in the US RIA space.

Dynasty said the capital raised will “go directly into Dynasty’s business to enhance its platform.”

The firm’s network consists mostly of clients who own and operate independent RIAs that use Dynasty’s  technology, services, robust turnkey asset management program (TAMP), digital lead generation services, capital solutions, and investment bank. Dynasty has 58 network partner firms representing more than 400 advisors with over $100 billion in platform assets.

“To have backing and support from a roster that includes one of the largest custodians, asset managers, and banks in the world is fantastic,” Dynasty chairman of the board, Harvey Golub, said. “I feel it speaks to the remarkable growth of the RIA space and innovative companies like Dynasty who are driving positive change in the industry for financial advisors and their clients.”

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