The business of taking stakes in alternatives managers has gotten crowded and complex.
Azimut Group, one of the largest European asset managers, is attempting to differentiate itself from the competition by investing its own money rather than raising private capital from investors. But, even more importantly, it’s offering alternative investment partners potential distribution through its network of 2,300 financial advisors around the world.
Massimo Guiati, group co-CEO and head of distribution for Italy-based Azimut, said the move aligns the interests of Azimut with affiliates for the long-term. Since the firm offers products from these managers through its own financial advisors, it can’t compromise on quality. Otherwise, Azimut risks its own reputation with both advisors and end investors by pushing mediocre products, or worse.
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Sequoia Financial’s latest acquisition increases its AUM to $7B.
Sequoia Financial Group, an Akron, Ohio–based registered investment advisor, recently announced an agreement to acquire fellow Ohio RIA Wealthstone Advisors.
Out of the six RIA acquisitions Sequoia has made in its 30-year history, Wealthstone is its largest. The Columbus, Ohio–based firm brings $1.4 billion in assets under management to Sequoia, which had $5.75 billion in AUM at the end of March and raises its aggregate client assets to more than $7 billion.
The transaction will be in cash and equity made possible by its private equity investor Kudu Investment Management. Four of Wealthstone’s shareholders have rolled their ownership into Sequoia, joining 24 others.
Sequoia Financial Group surpasses $7 billion in assets with Wealthstone Advisors acquisition
Sequoia Financial Group surpasses $7 billion in assets with Wealthstone Advisors acquisition
Thomas Haught
Sequoia Financial Group of Akron has announced the acquisition of Wealthstone Advisors of Columbus in a deal that grows Sequoia to more than $7 billion in assets under management (AUM) and adds to its footprint a new office in central Ohio.
Financial terms of the deal, slated to close in the second quarter, were not disclosed.
Sequoia president and CEO Thomas Haught said for his firm, the merger largely is a talent play amid a competitive market for financial advisers and wealth managers. This all comes, he said, as the pandemic contributed to some increased demand for wealth management services as clients are reminded again that external shocks to the system can occur.
Sequoia Financial to acquire $1.4 billion Wealthstone Advisors
The deal, which is expected to close this summer, pushes Akron, Ohio-based Sequoia s assets under management over the $7 billion mark.
April 20, 2021
Akron, Ohio-based Sequoia Financial Group is beefing up its Midwest footprint with the acquisition of Wealthstone Advisors, a $1.4 billion Columbus, Ohio-based advisory firm.
The cash and stock deal, which is expected to close by the end of June, will push Sequoia’s assets under management over the $7 billion mark and position the business closer to some of the nation’s largest registered investment advisers.
Wealthstone is Sequoia’s sixth and largest deal and follows Sequoia’s July 2020 capital infusion from Kudu Investment Management, which acquired a 33% ownership stake in the RIA.
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