The acquiring firm was built explicitly to handle M&A activity in the RIA space.

Bluespring Wealth Partners, the new business formed in July by Kestra Financial to buy RIAs and other wealth managers, has acquired Vector Wealth Management.

Based in Minneapolis and founded in 1993, Vector Wealth Management offers financial planning and investment management for clients such as individuals, families, business owners, and corporate executives. 

Vector Wealth Management is led by managing partner Thomas G Fee; senior wealth advisor Sharon L Calhoun; director of portfolio management Jason D Ranallo; senior wealth advisor Tyler J Schelhaas; portfolio manager Daniel J Powers; and senior wealth advisor Todd C Stueve.

The move adds to a number of acquisitions chalked up by Bluespring since its formation in the summer. (See an example of a deal in Ohio, here.) Its parent, Kestra, is a Texas-based firm that has itself become majority-owned by private equity house Warburg Pincus.

The transaction is an example of the kind of M&A activity that is consolidating part of the RIA space, as separately reported today in Family Wealth Report.