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.