With two deals in two weeks, Wealth Partners Capital Group's acquisition strategy of aggregating smaller firms around the country is beginning to pay off.
Formed last summer by John Copeland, Rich Gill and Sean Bresnan, the executive team that ran the highly successful wealth management division of Affiliated Managers Group, Wealth Partners bought minority stakes in three large regional wealth management firms: Torrance, California-based EP Wealth Advisors, MAI Capital Management in Cleveland and Forbes Family Trust in New York.
The three firms have a combined AUM of approximately $11 billion and, per the grand plan, are becoming active buyers.
EP Wealth has acquired Millie Capital Management, an RIA with approximately $240 million which has offices in Reno, Nevada and Walnut Creek, California. And earlier this month, MAI Capital Management bought Calfee Financial Advisors, a $75 million advisory firm based in Chagrin Falls, Ohio.
Founded by Ross Millie in 1991, Millie Capital Management specializes in investment plans and portfolio management for high-net-worth clients. Millie will remain with EP as a senior wealth advisor.
Millie said he wanted to spend more time with his clients. He was also looking for a partner, he said in a statement, who offered "greater leverage and in-house expertise. I was most attracted to EP Wealth’s investment philosophy and dedication to achieving consistent returns for its clients."
EP's "size and scope can afford Ross greater leverage" in delivering high quality service, the firm's president and CEO Patrick Goshtigian said in a statement.
EP will add 40 new households with average assets of more than $5 million to its roster. Millie Capital Management was advised by David Selig, CEO of Advice Dynamics Partners;terms of the deal were not disclosed.
Meanwhile, the MAI deal reunites the firm's partners with Peter Calfee, who was vice president at Investment Advisors International, the financial planning arm of International Management Group, an innovative sports and events marketing firm. IAI spun out to become MAI in 1997. MAI has remained true to its sports roots, specializing in working with professional athletes.
Calfee left IMG in 1991 to form his own firm and is now a managing director at MAI, along with Doug Andrassy.
"We are thrilled to again partner with Peter, whom we know well," said Rick Buoncore, managing partner at MAI. "He has built a great business and shares our commitment to client service."
Terms of the deal were not disclosed.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access