Family Office & RIA Roundup

Take a Lap Around the Industry

• J.P. Morgan Asset Management Partners with CAIS to Expand Access to Alternatives (Funds Society)
  
• BlackRock Sees Wealth Management Allocations Driving Private Markets' $20T Surge (Investment News)
• Citi Aims to Unlock Potential of Managing Wealth for Women (Professional Wealth Management)
  
• Corient Acquires $7.9B H.M. Payson & Co. (Citywire)
  

Family Office Deal Tracker

• With support from Stanley Druckenmiller's family office, Precision Neuroscience, a brain-computer interface (BCI) maker, has closed $102M in a Series C funding round
• Gideon Strategic Partners has participated in a $110M Series C funding round for Capstan Medical Inc., a leading medical technology company focused on transforming the treatment of structural heart disease
• Led by Horizons Ventures, Fleet Space Technologies raised $100M in a Series D funding round, specializing in mineral exploration with advanced geologic sensors
• Atlas Card, a NYC-based provider of members-only charge cards and concierge services, raised $27M in Series B funding backed by Eric Schmidt's family office
  Source: FINTRX Data

New RIA Launches

• John Diaz, the founder and chief executive of NY-based Premier Wealth Advisors, has broken away from Cetera Financial Group to form an independent firm
• Launched in July by former Certuity advisors, Serenus Wealth Advisors, a $1.2B RIA, has opened a new office in New York, recruiting Graham K. Mandl as partner
• Julie and Jason Hetland have formed Financial Planning Navigators in Maple Grove, MN after disaffiliating from Bleakley Financial Group
•  Led by president Anthony Mona and chief executive Brian Mosallam, Spartan Wealth Management, previously a Cadaret, Grant & Co., Inc. office of supervisory jurisdiction, has launched a hybrid RIA

Advisor M&A Activity Tracker 🚨

• Savant Wealth Management has expanded into New York by acquiring Source Financial Advisors, a $536 million RIA specializing in serving high-net-worth women navigating divorce, as well as business owners and executives
• Source's founder, Michelle Smith, will join Savant as managing director, financial advisor, and member-owner, along with four team members, while her financial education platform, Wife2CFO, was also included in the deal
• The acquisition aligns with Savant's strategy to enhance specialized client offerings, following its recent purchase of Sortino Advisory Partners and other firms, bringing its total assets to $29B
• Backed by private equity firms Kelso & Company and The Cynosure Group, Savant now operates 43 offices across 18 states, serving a diverse client base and aiming to deliver meaningful, specialized advice
  (Citywire)

Reps On the Move

• Bradley Knapp has been appointed as the new president and CEO of Clearstead Advisors, a Cleveland-based registered investment advisor with over $47B in AUM (Wealth Management)
• Aaron Schaben, a senior executive at the $38B Carson Group, will depart the wealth manager in 2025 and is expected to take a role at Ron Carson’s personal family offices (Citywire)
• HSBC Global Private Banking has named Eric Ingber, a former senior executive at Bank of America Private Bank, to lead its U.S. ultra-high-net-worth division (Wealth Briefing) 
• $5.5B SageSpring Wealth Partners has hired former Philadelphia Eagle, Winston Justice, to lead its private wealth business and oversee their growth initiatives, including acquisitions, while developing alternative investment solutions and launching multi-family office and institutional business divisions (Citywire)

Wealth Managers Bet Big on Hong Kong Amid Mainland Money Influx

Industry Buzz  👀 

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