The mergers, acquisitions and advisor moves you may have missed the week of May 3, 2021.
This week started with Canadian serial acquirer CI Financial’s agreement to sub-acquire a $2.4 billion firm. CI Financial’s affiliate Congress Wealth Management will purchase Pinnacle Advisory Group and will boost its assets under management to $5.8 billion.
Next, Creative Planning returned to the M&A scene to announce its acquisition of a Virginia registered investment advisory firm with $5 billion in AUM. The 30-year-old Sullivan, Bruyette, Speros & Blayney, will join Peter Mallouk’s national financial planning firm in the Washington, D.C. area.
Finally, despite a public proxy fight from a disappointed shareholder, Boston Private was able to get majority shareholder approval to merge with Silicon Valley Bank’s parent, SVB Financial.
A round-up of people moves and M&A deals across North America
M&A
Seattle-based Coldstream WM is to merge with Paracle Advisers.
The combined RIA group, under the Coldstream brand, will have $5.7bn (£4.1bn, €4.7bn) in client assets.
The financial details of the deal were not disclosed.
Kevin Fitzwilson, Coldstream’s managing shareholder, said: “We’re thrilled to partner with Paracle Advisors and to bring our two firms together in what we view as a true merger of equals.
“Successfully combining two leading RIA firms, without inviting private equity or outside equity capital, supports our joint leadership team’s commitment to independence, in spirit, strategy and service to our clients.”
Eight-person UBS team managing $900 million joins RBC
The addition of Meridian Group gives the firm a Roanoke, Virginia, footprint
May 3, 2021
A four-adviser, eight-person team managing $900 million at UBS in Roanoke, Virginia, has moved to RBC Wealth Management.
Advisers N. Edward Link Jr., Michael Kemp, Bradley Blum and Allison Link, along with their four associates, work as the Meridian Group. The team will open RBC’s first office in Roanoke.
N. Edward Link has 34 years of experience and had been affiliated with UBS since 2012, according to his BrokerCheck profile.Kemp has 28 years of experience and had worked at UBS since 2012. Blum has 15 years of experience.
Courtesy of ASB Real Estate Investments The office building at 64 New York Ave. NE.
A handful of big deals closed in April, several buildings have come onto the market, and experts believe that D.C.-area investment sales volume will increase significantly in the second half of this year.
The renewed activity in the capital markets comes as more employers are planning to bring employees back to the office this year, giving investors the confidence to place large bets on the office market s future. The bets that have been placed thus far have been on the safest assets those with long-term, stable tenants but experts see investors beginning to take a closer look at assets with vacancy or upcoming lease expirations that create more risk, but also more opportunity to add value.
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