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Doug Flaherty
Snowden Lane Partners, a hybrid firm with $3 billion in advisory assets under management, has been slowly chipping away Wells Fargo’s international businesses in Manhattan and Miami.
Six advisor teams have jumped from Wells to Snowden, adding several million dollars to both hubs, said Greg Franks, president and chief operating officer of Snowden Lane.
Initially Wells executives explored the possibility of finding a single firm interested in lifting out the entire international business as a single entity. Insigneo Financial Group, a Miami-based independent broker/dealer, made Wells Fargo Advisors an offer to transition the international accounts of advisors joining Insigneo in one shot. Wells declined Insigneo’s proposal and others like it.
Kandor, which serves international clients, comes under Summit s custom capital model, launched in January.
Summit Financial has taken a minority, non-controlling stake in Kandor Global, a Miami-based registered investment advisor with $450 million in client assets. The firm joins under its new custom capital model, Summit Growth Partners, which was launched in January with the help of Merchant Investment Management.
Kandor, which specializes in serving the Latin American business community, represents Summit’s 13th such investment and its first aimed at serving international clients. The RIA was launched late last year by CEO Guillermo Vernet, who stepped down from his role as head of Insigneo Wealth Advisors, the RIA owned by Insigneo Financial Group, a financial services firm that specializes in serving non-U.S. clients.