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First-Half Advisor M&A Surge Continues in July: Fidelity

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Fidelity Investments reported this week that robust M&A activity in July followed on the heels of a record-setting first half.

According to Fidelity’s latest Wealth Management M&A Transaction Report, seven RIA transactions took place in July, the same number as a year ago, but represented $16.5 billion in assets under management, up by 164% from the year-ago period.

Seventy-five RIA transactions occurred through the first seven months of this year, an increase of 44% over the same 2018 period, representing $86.1 billion in assets, a 68% increase.

There were also seven transactions in the independent broker-dealer channel for the year to date, up by 40% over last year, representing $392 billion in assets, down by 1%.

The July RIA transactions were dominated by the purchase of Wealth Enhancement Group by TA Associates, a private equity outfit, from Lightyear Capital Partners, with $11.8 billion in AUM.

Following are the six other RIA transactions that took place during the month:

  • Brookstone Capital Management bought by AmeriLife Group: $2.4 billion in AUM
  • AEPG Wealth Strategies bought by Wealth Enhancement Group: $1 billion
  • John D. Dovich & Associates bought by MAI Capital Management: $600 million
  • Point View Wealth Management bought by Peapack-Gladstone Financial Corp: $307 million
  • Pathlight Investors bought by EP Wealth Advisors: $230 million
  • Emerald Multi-Family Office bought by SlateStone Wealth: $211 million

In other July activity, StockCross Financial Services, an IBD with $1 billion in assets under advisement, was acquired by Siebert Financial Corp.

— Check out TA Associates Snaps Up $12B Wealth Firm From Lightyear on ThinkAdvisor.