RIAs

Two experienced private equity investors in wealth management struck a deal for a minority stake in one of the industry’s biggest names.

Wealth management firms are consolidating at a breakneck pace in a bid to grab wealthy U.S. clients.

The deal will push Paris-based iM Global’s assets above $24 billion and enable it to break into wealth management.

The RIA picks up 1,300 clients with $780 million in assets, underscoring feverish consolidation among wealth management firms.

The rep reeled in at least a dozen victims to the complex scam even though he was suspended from the industry for a different case, according to investigators.

Ascensus sold the practice with four reps and $490 million in client assets after acquiring it two years ago.

The firm hired more than 10,000 employees, boosting total staff to 47,000 associates.

The RIA acquired the innovative practice while bulking up its social justice investing efforts and its wealth redistribution planning services.

Wealth Enhancement Group’s second acquisition of 2021 comes as experts say there’s an “ever-increasing buyer appetite” for $1 billion-plus firms.

After going public, the clearing firm plans to to grow and nudge further into the traditional advisory space, says its president.