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Miracle Mile sells minority stake to Merchant Investment Management
The infusion of capital from the family office is expected to fuel acquisitions
December 17, 2020
Miracle Mile Advisors, a $2 billion Los Angeles-based registered investment adviser, has sold a minority ownership stake to Merchant Investment Management as part of a plan to fuel growth.
Founded in 2007, Miracle Mile has so far completed three acquisitions, including the addition of the $240 million Aequitas Wealth Management in June.
Since January 2016, Miracle Mile has experienced a 387% cumulative growth, or 31% compounded annual growth rate.
Duncan Rolph, Miracle Mile managing partner, declined to disclose details of the equity stake but said it was “a very minor stake, and we retain full management control.”