What You Need to Know
- The RIA, Venturi Private Wealth, is headed by Merrill Lynch veteran Russ Norwood.
- Bravura Capital is the private investment vehicle of Kent Weldon, a Morgan Stanley alum.
- The RIA also added two executives to its senior management team.
Bravura Capital, the family office of Thomas H. Lee partner Kent Weldon, has taken a stake in Austin, Texas-based RIA Venturi Private Wealth, a wealth management firm managing more than $2.1 billion in client assets.
Venturi, which is headed by Merrill Lynch wealth management veteran Russ Norwood, plans to use the capital to help its aggressive Southwest U.S. growth plan, Venturi and Bravura said in a joint announcement Thursday.
Weldon, who worked for Morgan Stanley earlier in his career, is an advisory partner at Thomas H. Lee Partners.
As part of the investment, Bravura “will deliver strategic relationships, growth expertise and additional capital to the leadership team” of Venturi, the firms said. Weldon will also join Venturi’s board of advisors.
The RIA plans to increase client assets to $10 billion over the next several years. To achieve that, it “will look to recruit and acquire firms and advisors who not only are a strong fit with Venturi’s distinctive culture, but complement the existing team’s specialized expertise in supporting the underserved” high-net-worth and ultra-high-net-worth client segment, according to the company.
Venturi is also adding two senior leaders: Sylvia Bell, ex-Teacher Retirement System of Texas investment management division, joins Venturi as chief operating officer, the same position she had at her previous firm. Christopher M. Schelling, ex- Windmuehle Funds managing director, joins as director of alternative investments.
Financial terms of the transaction were not disclosed. The companies said only that it was a “significant strategic investment” by Bravura, a firm that “takes minority stakes in founder-led businesses, emphasizing alignment of vision, collaboration and a culture of integrity and character.”
Venturi, which was founded in 2015 and also has an office in Oklahoma City, is focused on “serving the complex needs” of HNW and UHNW investors, families and business owners. It has a staff of 30 professionals with expertise in investments, planning, wealth strategy and alternative investments, the companies said.