Austin, TX-based Lion Street has appointed John Lefferts as president of Lion Street Financial and Lion Street Advisors, its new broker-dealer and RIA subsidiaries that are expected to be fully operational in the second quarter of 2013.

"We see an opening in the high net worth market for an advisor-owned model that cuts across the silos of investments, insurance and advice," said Bob Carter, founder and chief executive of Lion Street.

Austin Ventures, the firm's venture capital partner, is providing extra capital for the new businesses. Ken DeAngelis, founding partner of Austin, said it is planning to be "aggressive" in pursuing opportunistic investments and acquisitions. 

Lefferts has spent the past year working with the firm on the development of its new model. The firm said he has been consulting with private equity and financial services firms since 2009, when he left his 27-year career with AXA Equitable. There, he served as president and CEO of AXA Advisors, an independent broker-dealer.  

Lion Street has 67 advisor-owners and provides life insurance products and services for life insurance producers serving HNW and corporate clients.

Austin Ventures has $3.9 billion of assets under management.