$12B Concurrent Makes Minority Funding in Florida-Primarily based Asset Supervisor
Concurrent Funding Advisors, a hybrid registered funding advisor with a 1099 affiliation mannequin, has made a minority funding in a Longboat Key, Fla.-based asset supervisor.
Concurrent, which relies in Tampa, didn’t disclose the quantity of the funding in Catherine Avery Funding Administration. This was the RIA’s first funding in a standalone asset supervisor. The transfer will add to Concurrent’s portfolio of funding options for its community of over 70 corporations.
With the deal, CAIM will stay unbiased in its funding choices and operational construction whereas getting access to Concurrent’s affiliate RIAs as a distribution channel.
Catherine Avery based the asset supervisor CAIM shortly after a nine-year stint as a vp at Dean Witter, which was acquired by Morgan Stanley, in accordance with her LinkedIn profile. She was a portfolio supervisor who later managed groups and invested within the corporations’ mutual fund merchandise and managed accounts.
Concurrent has made minority investments in most of its partnered RIAs, and lately began taking minority stakes in corporations exterior its community.
$25B Homrich Berg Rebrands to HB Wealth
Homrich Berg Wealth Administration, an Atlanta-based fee-only RIA integrator with $25 billion in belongings, has rebranded to HB Wealth because it seeks a firmwide refresh and to deliver a current $6.4 billion family-office acquisition beneath its identify model.
The rebrand will unite HB Wealth’s 11 workplaces throughout 5 states beneath one identify, with out together with any operational or management modifications.
The unique Homrich Berg identify got here from the agency’s founding in 1989 by Andy Berg and David Homrich to work with households, people and not-for-profit organizations. Berg continues to be a md and shareholder on the agency after stepping down from the CEO place in 2022. Homrich left in 2001 to affix House Depot founder Arthur Clean in forming a household workplace.
In December 2024, HB Wealth made its largest acquisition with WMS Companions, a multi-family workplace and RIA primarily based in Tyson, Md. The agency merged with HB’s household workplace.
“With a wealthy, 35-year historical past, we wish to honor the legacy of our founders whereas reflecting who we’re immediately and the place we’re headed,” CEO Thomas Carroll stated in an announcement.
$18B RWA Wealth Acquires on the West Coast, Plans New San Francisco Workplace
RWA Wealth Companions, a women-led RIA with $18 billion in shopper belongings, has acquired a San Francisco-based RIA that can occupy a brand new workplace the agency is seeking to open within the fall.
Moirai Wealth Administration, which is able to tackle the RWA identify, has joined the bigger RIA’s household workplace division and can transfer its four-person employees into a brand new workplace in downtown San Francisco, in accordance with the announcement. RWA relies in Boston.
Moirai is a women-led RIA managing $344 million in belongings. Karen Schmid began the agency in 2000 to work with high-net-worth and ultra-high-net-worth people and households.
“I knew from the second I met Karen and her group that we have been meant to be companions,” RWA CEO Michelle Knight stated in an announcement.
Knight additionally promised extra acquisitions, saying they “can be a key a part of our development technique as we proceed to construct RWA into one of many consequential boutique wealth administration corporations within the nation.”
Schmid stated in an announcement that her group would make the most of RWA’s funding administration, tax, and belief and property planning companies.
RWA now has 14 staff in California and workplaces in Boston; Newtown, Mass.; Chicago; and Traverse Metropolis, Mich.
Bond Supplier SPGF Hires TIAA, Moneta Vet as Chief Development Officer
SPFG, a fixed-income supplier working with RIAs, has employed a former Moneta and TIAA-CREF government as its chief development officer.
Shawn Paulk takes the newly created place to work with each present advisors and to develop the Atlanta-based agency’s shopper base.
“My focus can be on leveraging my in depth community and SPFG’s unparalleled service and experience to attach extra RIAs with tailor-made bond portfolios that may actually improve their purchasers’ monetary outcomes and help their corporations’ natural development aims,” Paulk stated in an announcement.
He was beforehand senior managing director of M&A at RIA Moneta. He had additionally labored as the top of economic advisor distribution with TIAA-CREF Asset Administration.
SPFG presents advisors a collection of bond portfolio administration, buying and selling and help, whereas permitting the advisors to retain management of the shopper belongings.
