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.