In January, Toronto, Canada based-CI Financial moved to buy RIA and institutional asset manager Segall Bryant & Hamill, in a deal expected to double its U.S. asset base to $46 billion; it said the deal would bring it $6 billion in wealth assets and $17 billion of institutional assets.
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In February, Wells Fargo said it would sell its $603 billion asset management business to private equity firms GTCR and Reverence Capital Partners for $2.1 billion.
In April, LPL Financial wrapped up its $300 million purchase of Waddell & Reed’s wealth management business from Macquarie Management Holdings and said over 900 of W&R advisors had committed to join it; these reps had about $65 billion of assets under administration.
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Also in April, Morgan Stanley moved to sell the RIA custody business of E-Trade to Axos Clearing for $55 million in a deal including some 200 RIA clients with about $23 billion in assets.
In June, Cetera completed its purchase of the independent financial planning channel of Voya Financial Advisors. The unit, now operating as Cetera Wealth Partners, includes about over $35 billion of assets under administration and 130 employees.
In July, Raymond James made an offer to purchase U.K.-based Charles Stanley Group for about $387 million, which would add about $38 billion in assets and 200 wealth managers to its operations there.
Also in July, BlackRock took a minority stake in SpiderRock Advisors, a $2.5 billion Chicago-based provider of customized options strategies for U.S. wealth managers, to expand its SMA capabilities.
In August, Captrust Financial Advisors said it was buying Ellwood Associates, which worked with about 200 clients and $85 billion in assets.
In September, Franklin Templeton announced plans to acquire O’Shaughnessy Asset Management, a provider of separately managed accounts with $6.4 billion in assets under management, including $1.8 billion on its direct indexing platform Canvas.
Also in September, Vanguard completed its acquisition of Just Invest, a tax-managed, personalized wealth management technology firm with $1 billion in assets that owns the Kaleidoscope direct indexing platform.
In addition in September, State Street said it would buy Brown Brothers Harriman’s investor services group, which had $5.4 trillion in assets under custody as of June 30, for $3.5 billion.
Cresset Asset Management and Berman Capital Advisors merged and created a $20 billion multifamily office focused on serving clients in 11 markets in September.
In October, Raymond James Financial, which is led by Chairman and CEO Paul Reilly, said it would buy TriState Capital in a cash and stock deal valued at roughly $1.1 billion. TriState has some $12 billion in client assets; its private banking and middle-market commercial lending businesses have about $10 billion in loans, and its asset management franchise — Chartwell Investment Partners — manages some $11 billion in assets.
Also in October, T. Rowe Price agreed to buy Oak Hill Advisors, an alternative credit provider with $53 billion in assets, for about $4.2 billion to expand into private debt investing.
In addition in October, PGIM Investments said it would acquire Green Harvest Asset Management, an SMA shop with $424 million in assets under management as of March 1.
In November, Creative Planning — which is led by Peter Mallouk — acquired Lockton Companies’ retirement services unit, which should bring the RIA $110 billion in assets under advisement; it has $100 billion in assets under management, up from $50 billion in 2020.
Also in November, digital recordkeeper Vestwell said it would buy Sumday, a Bank of New York Mellon unit with $20 billion of assets under administration in 25 state-sponsored IRA, ABLE and 529 college savings plans.